U.S. Gas Prices Rise in October with Potential for Decline as Florida Recovers
As of mid-October 2024, U.S. gas prices have risen slightly, with the national average up by 4 cents to $3.17 per gallon, though prices are down 40 cents year-over-year. Despite recent increases, a potential decline is anticipated, with hopes of seeing the first sub-$3 national average since 2021 as Florida recovers from disruptions caused by storm Milton. Regionally, prices vary, with the Gulf Coast having the lowest average at $2.73 and the West Coast the highest at $4.04. The Midwest experienced the largest weekly increase, while Georgia currently has the lowest state average at $2.71 per gallon. Seventeen states now have average prices below $3 per gallon, a figure that could grow in the coming weeks.
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September 2024 EV Market Update: Record Sales, Lower Prices, and Shifting Incentives
In September 2024, the average transaction price (ATP) for new electric vehicles (EVs) was $56,351, down 0.9% year over year and higher than the industry-wide ATP by about 16%, marking the lowest EV premium of the year. Incentive spending for EVs remained above the industry average, with September incentives averaging $6,904, or 12.3% of ATP, despite a slight decline from August. Tesla's average transaction price was up 13.6% year over year at $58,212, with lower prices for the Model 3 and Model Y but higher prices for the new Cybertruck, which averaged $116,706. EV sales reached record highs in Q3 2024, growing 11% year over year to 346,309 units, making up 8.9% of total vehicle sales. Incentives and discounts played a significant role in this growth, with leasing offering access to government-supported incentives. General Motors saw a 60% surge in EV sales, while Hyundai's sales remained flat, and Ford and Honda also reported strong performances in the EV market.