U.S. Gas Prices Continue Decline as National Average Falls Below $3 in Many States
In early November, gas prices in the U.S. are continuing to decline, with the national average dropping 3 cents over the past week to $3.06 per gallon, marking a year-over-year decrease of 32 cents, per EIA data. Patrick De Haan of GasBuddy notes that this price dip may benefit the next president, with prices expected to remain lower than in recent years. Most states are seeing reductions, especially in the Rocky Mountain region, where prices fell by 9 cents, though the Midwest saw a slight 1-cent increase. As of November 4, the East Coast averaged $2.99, Midwest $2.93, Gulf Coast $2.61, Rocky Mountain $3.10, and West Coast $3.94. Oklahoma holds the nation’s lowest average at $2.63, and 25 states now have gas below $3 per gallon, a trend likely to persist into Thanksgiving.
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Canadian Auto Sales Surge in October, Approaching Pre-Pandemic Levels
DesRosiers Automotive Consultants reported an 8.8% increase in new-vehicle sales in Canada for October, reaching 162,000 units due to two extra selling days compared to last year. This brings the market close to 2019's pre-pandemic levels, with annual sales expected to hit 1.8 million units. Despite quarterly reporting by most automakers (and Ford reporting annually), October's seasonally adjusted annual sales rate reached 1.98 million, just below the peak demand seen in early 2023. Toyota and Kia saw sales declines of 10.2% and 2.1%, respectively, impacted by falling sedan sales, while Mazda recorded the highest gain at 24.9%, driven by strong CX-50 sales. Mazda Canada COO Amy Fleming attributed this success to increased product offerings and a more stable production environment, reflecting a return to pre-COVID market conditions.