AAA Michigan gas report March 29, 2021: Prices decline 4 cents
Gas prices in Michigan dropped 4 cents compared to a week ago, AAA Michigan reports Monday. This price is 5 cents less than this time last month but still 97 cents more than this time last year. The national average decreased despite rising gas demand, which increased from 8.44 million b/d to 8.62 million b/d. Crude prices have decreased due to continuing market concern that crude demand will drop as Europe increases restrictions to curb growing coronavirus infection rates. The decrease in crude prices has also been supported by EIA reporting that total domestic crude inventories increased by 1.9 million bbl to 502.7 million bbl.
Data: Michigan is most expensive state to own car; what gives?
Costly carsThe Great Lakes State -- the undisputed birthplace of automobile manufacturing -- is the most expensive state for car ownership, according to data from Move.org. It costs about $5,264.58 every year to own a car in the United StatesThe average Michigan resident pays $9,304.28 every year for their car. Look at this stunning gap between Michigan and the next most expensive state to own a car, Florida:That’s a gap of more than $2,000 annually. Compared to this, Michigan’s minimum insurance cost of $5,740 seems incredibly expensive, according to the data. As you probably know by now, car insurance is so expensive in Michigan because the state requires the most expensive minimum coverage levels in the country.
Planning to travel later this year? Airfares remain lowest in years but could rise soon
The travel industry has taken a big financial hit because fewer people are taking trips during the COVID pandemic. As vaccines become more available the airline industry is preparing to make some changes to boost profits. If you want to travel this summer or later in the year, booking now may be a good idea. As more vaccines are administered, people will be traveling so prices could rise and there could be changes to safety protocols. READ: More travel coverageWatch the video above for the full report.