How Can I Find Out the Average Gas Price in the United States?
The price of gas in the USA has been a hot topic for years, as the constant rise and fall in gas prices has left many feeling the pinch. Due to the unending fluctuation in gas prices, each day, many people keep asking, “What is the average gas price in the United States?” The question and constant gas price fluctuation have left many with a lot of uncertainties.
But what happens when those gas prices start to impact your finances more significantly, and you are in desperate need of a way out? A title loan could be a solution to consider during your time of need. Keep reading to learn more about gas prices, title loans, and more.
A Brief History of the Average Prices of Gas in the US
For the most part, gas prices in the United States have fluctuated significantly over the years. From the 1990s to the early 2000s, the gas price was relatively stable, with the average price per gallon costing $1.50 to $2.00. However, that was the last time gas prices were stable, as since then, gas prices have become very unpredictable, with significant price spikes occurring in 2008, 2012, and 2022. Coincidentally, past recessions have affected the average gas price in the United States.
In 2008, which marked the beginning of spikes in gas prices and the beginning of the Great Recession in the US, the average price of gas per gallon reached an all-time high of $4.40 from $3.92 the previous year.
In the years following the 2008 spike, the prices of gas remained relatively stable until 2012, when it spiked up again. At that time, the average cost of gas per gallon reached $4.57.
The years following saw a fluctuation in prices, such as 2013 having an average price of $4.39 and 2014 having an average price of $4.11. Since then, the price has decreased and was stable, with an average price of $2.99 to $2.45.
However, more recently, gas prices spiked again from 2020 to 2022, when the average price per gallon briefly exceeded $3.00, costing about $3.26 to $4.90 per gallon. These spikes resulted from various factors, including the impact of the COVID-19 pandemic on global oil markets and increased demand for gasoline as travel restrictions eased.
Overall, the fluctuations in gasoline prices in the USA have had a significant impact on the economy and on peoples’ wallets, leading people to take out various loans to solve financial problems.
Current State of Gas Prices in the US
According to the American Automobile Association (AAA), as of April 4, 2023, the national average price for regular gas is $3.51, higher than the price a week ago, which stood at the price of $3.40, but much better than the 2022 average price of $4.20 per gallon.
However, it is important to note that gas prices vary by region and state, with some states and regions having higher average prices than others. For instance, as of March 30, 2023, California gas prices are among the highest average gas price in the US, costing $4.83 per gallon, while Mississippi has the lowest average gas price at $3.00.
Does the Average Gas Price in the United States Impact the Economy?
Yes, high gas prices can have a significant impact on the economy. When gas prices are high, people have less disposable income for other goods and services. People are also forced to spend more on various expenses such as transportation, groceries, school, and household utilities. This can lead to financial strain, making it challenging to cover unexpected expenses such as medical bills or car repairs. As a result, many people turn to take various loans to pay for some of these unexpected expenses.
There are various loan options available for people; however, to get one, the borrower usually needs to have a good credit history. This is one of the reasons why people are unable to get a loan to support themselves when the economy goes south. However, there is a loan plan which allows people to get a loan either having a bad or no credit history.5 That is where car title loans can be a potential resource to utilize.5
What is Car Title Loan, and How Does It Help during the High Gas Price Period?
Car title loans are secured loans that use the borrower’s car as collateral. They can be a resource for individuals who need quick access to cash but may not qualify for traditional bank loans due to poor credit or a past bankruptcy.5
When taking out a car title loan, the borrower gives the lender the title to their car and accesses a portion of the available equity in their car. The loan amount is based on the value of the borrower’s vehicle, and the borrower must repay the loan with interest within a specified time frame, usually within 30 days to a few months, but sometimes it is longer.4
With the current average gas price in the US, title loans could be an option to consider if you need funding to get back on your feet, as they can provide qualified borrowers with quick funds to cover unexpected expenses.2 5
How to Get the Right Car Title Loan Lender and Offer
In many cases, an increase in gas prices could potentially affect the resale value of a car. During times of high gas prices, the demand for fuel-efficient vehicles may rise, and the value of gas-guzzling vehicles may decrease. This could potentially lead to a decrease in the loan amount that the borrower is eligible for and can impact the overall cost of the loan.1
Why Choose Max Cast Title Loans to Apply for a Title Loan?
Max Cash Title Loans is here to help qualified borrowers find the most suitable car title loan option.5 With Max Cash Title Loans, borrowers can get access to a network of verified lenders and apply for a title loan online with no hassle and no store visit!5
Additionally, Max Cash Title Loans provides online title loan resources for borrowers, so you can read more about title loan refinancing and title loan buyouts.
For more information about car title loans, reach out to a Max Cash Title Loan agent at 855-561-5626 today