Year: 2023

High oil prices continued to offset the impact that a drop in demand for fuel should have on gas costs, according to the latest report from AAA.

Nationwide gas prices dipped on average by only three cents to $3.83 for the week ending Sept. 28, AAA said. The national average is two cents more than a month ago and seven cents more than a year ago. Fluctuating oil prices, which topped $90 a barrel, have limited seasonal price decreases typically seen during the lower-demand fall driving season.

“Oil is stubbornly staying above $90 per barrel for now, and it’s the main ingredient in gasoline,” AAA spokesperson Andrew Gross said. “Gas prices will likely keep falling, but it’s going to be slow and unsteady, so expect some days where it might edge higher a bit.”

If you want to lower your car ownership costs, you could save by shopping for cheaper auto insurance to reduce your monthly premiums. Visit Credible to speak with a car insurance expert and get your questions answered.

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Outages at U.S. oil refineries have led to a tightening in fuel supplies. These issues have had an oversized effect on gas prices in some states, especially in Southern California, Arizona and Nevada, according to Patrick De Haan, head of petroleum analysis at GasBuddy. De Haan said that refinery issues may continue to impact gas prices as other suppliers begin maintenance.

“Overall, the largest issues impacting gas prices remain refinery disruptions, but also the price of oil, which has held around $90 per barrel as Saudi Arabia and Russia maintain significant production cuts,” De Haan said.

Although oil prices retreated some after the Federal Reserve indicated that more interest rate hikes could happen this year, they could potentially increase to as high as $150 per barrel if demand for fuel rises as Saudi Arabia and Russia continue to erase production, De Haan said. 

Gas price volatility means you may be paying more than budgeted to fuel your car. One way to find savings is by shopping for cheaper auto insurance premiums. Credible can help you compare multiple insurance quotes free of charge.

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Drivers could create more savings by spending less on fuel, according to a GasBuddy report. Optimizing your vehicle for gasoline consumption is one way to save on gas costs. Here are five common mistakes drivers make that lower their fuel economy:

Keeping your tires inflated adequately can prevent car damage and improve fuel efficiency. One way to ensure you are doing this is by checking your tire pressure regularly. The U.S. Department of Energy has proven that under-inflated tires hurt your fuel consumption and for every unit of psi your tires are under pressure, you can expect a 0.4% drop in your fuel efficiency. 

Summer in some places means blasting the AC to cool your vehicle. But as temperatures drop, cracking a window instead of cranking the air conditioning in your car could save you money. AC usage can increase fuel consumption, both when you’re driving and idling. And according to the EPA, using AC can reduce fuel economy by up to 25% in the worst conditions.

Your vehicle’s weight can also significantly affect what you pay for gas. The heavier the car, the more energy it requires to move. It can also decrease a vehicle’s rolling resistance, the force created by friction as your car’s wheels roll over the road. Lighten the load that you are carrying to help your vehicle move with less effort.

Poor driving habits that accelerate or slow your driving suddenly can decrease your fuel efficiency by as much as 25% on the highway, according to the U.S. Department of Energy. For every five miles above 50 you travel on the road, you waste an extra $0.20 in gas. 

Regular car maintenance is crucial to developing better fuel economy – without it, your car won’t run as efficiently. Take your vehicle for routine maintenance, and always address oil changes and engine lights. 

Another way to lower your overall cost of car ownership is by shopping for cheaper auto insurance to reduce your monthly premiums. Visit Credible to compare your options without affecting your credit score.

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Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

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Mexico’s main auto industry association on Friday urged Mexican authorities to step up efforts to work with the United States to deal with a “migration crisis” on the countries’ shared border because of problems it is causing for trade.

Added security checks by Texan authorities in response to a recent surge in border crossings have led to delays in goods transport in recent weeks, fueling concern inside the Mexican car industry, which is heavily integrated with the U.S.

In a statement, the Mexican Automotive Industry Association (AMIA) urged the “federal and local governments to redouble efforts” with U.S. authorities aimed at reaching agreements that allow “these very delicate issues” to be resolved.

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Describing the matter as a “migration and commercial crisis”, AMIA said the border impasses had caused considerable hold-ups and business losses, and were adversely affecting the economy of both Mexico and the United States.

Mexico has seen a significant increase in the influx of migrants, many looking to reach the United States, as record numbers make the dangerous journey north through the Darien Gap at the foot of Central America.

AMIA urged Mexican and U.S. authorities to take humanitarian steps to fix the problem and guarantee the free flow of trade.

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The U.S. Supreme Court on Friday agreed to consider whether shareholders can sue companies for fraud when they flout a rule requiring them to disclose trends expected to affect their bottom line in a case involving a suit by hedge fund Moab Partners against Macquarie Infrastructure.

The justices took up Macquarie’s appeal of a lower court’s decision in favor of Moab Partners in the case in which the infrastructure company was accused of failing to disclose that its revenues were vulnerable to an international phase-out of high-sulfur fuel oil between 2016 and 2018.

Moab Partners filed a proposed class action against Macquarie in 2018, accusing it of hiding the fact that a subsidiary’s revenues relied on demand for storage of a freighter fuel that international regulators sought to eliminate by 2020. Both companies are based in New York.

According to the lawsuit, Macquarie violated a U.S. Securities and Exchange Commission rule requiring companies to disclose known trends and uncertainties likely to significantly affect their financial position.

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In asking the Supreme Court to take up the case, Macquarie argued that the ruling by the Manhattan-based 2nd U.S. Circuit Court of Appeals conflicted with an earlier one by the San Francisco-based 9th U.S. Circuit Court of Appeals that said shareholders may not sue over violations of the rule.

The U.S. Chamber of Commerce and the Securities Industry and Financial Markets Association filed a brief supporting Macquarie, saying the uncertainty over the issue has prompted companies to issue bloated disclosures out of fear of being sued.

Moab had urged the justices not to take up the appeal, saying the lawsuit contains other claims that would not be affected, and that a ruling by the Supreme Court would have little impact as similar cases are rare.

The U.S. Supreme Court was set to review the issue in a 2017 case involving Virginia-based government contractor Leidos, but that case settled before the justices heard arguments.

The case is due to be heard in the court’s new term, which begins on Monday.

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The U.S. Securities and Exchange Commission on Friday charged Newell Brands and former CEO Michael Polk with misleading investors about sales.

In a settlement, Newell and Polk, without admitting or denying the SEC findings, agreed to pay civil penalties of $12.5 million and $110,000, respectively, the SEC said in a statement.

The SEC said Newell, a Georgia-based consumer products company, and Polk, “took actions that increased the company’s publicly disclosed core sales growth in ways that were out of step with Newell’s actual but undisclosed sales trends, allowing the company to announce “strong” or “solid” results in quarters it internally described as disappointing due to shortfalls in sales.”

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Newell pulled sales forward into earlier quarters without adequate disclosure and used accounting practices that were not consistent with Generally Accepted Accounting Principles, the SEC order said.

These actions made the company’s core sales growth look as if it was in line with its targets and deprived investors of an accurate picture of Newell’s actual sales trends, it said.

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China’s international trade council has formally asked the United States to “carefully consider” rules that ban or restrict U.S. investments in China’s tech sector, state television reported on Friday.

U.S. President Joe Biden signed the executive order last month which prohibits or restricts investments in Chinese entities involved in semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.

State television said the China Council for the Promotion of International Trade, which is supervised by the Ministry of Commerce, said the order sets “vague and broad restrictions” on investors and transaction types, and does not differentiate between military and civilian purposes.

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“That not only gives rise to transaction risks and compliance cost…but also damages the highly inter-dependent global industrial chain,” the chamber added.

Biden’s order was aimed at protecting national security and preventing U.S. capital from aiding China’s military.

U.S. financial firms, asked to meet a Sept 28 deadline to provide input, are also pushing for greater clarity on the proposed new rules which they say are too vague and put the onus of compliance on investors.

The rules are expected to be implemented sometime next year.

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Taco Bell announced its first-ever vegan cheese dip as the company reintroduces Nacho Fries.

The Mexican-inspired fast food chain unveiled its new dairy-free nacho sauce on Thursday, Sept. 28, along with its return of Taco Bell nacho fries.

Starting on Thursday, Oct. 12, customers will have the option to order vegan nacho sauce and nacho fries while supplies last, according to Taco Bell’s press release.

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The American Vegetarian Association, a consumer food certification organization based in Minneapolis, Minnesota, has declared the vegan nacho sauce as “certified vegan,” meaning it has “no animal products,” according to Taco Bell.

“We’re thrilled to reintroduce Nacho Fries, now with a larger-than-life flair, and our beloved Vegan Nacho Sauce,” said Liz Matthews, a global chief food innovation officer at Taco Bell, in a statement.

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“This sauce, born from the success of our Vegan Crunchwrap, represents Taco Bell’s commitment to providing delicious, craveable food for a variety of lifestyles – whether you’re vegan, flexitarian or want to try something new, there’s a place for you at our table,” she continued.

The vegan nacho sauce will become available at participating Taco Bell restaurants nationwide for a limited time.

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Aside from vegan nacho sauce, Taco Bell is releasing a new large size of nacho fries, which will retail for around $2.99. This large size includes the chain’s new vegan nacho sauce.

A regular size nacho fries with vegan nacho sauce will retail for around $2.19.

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Gallup, Inc., a global research firm that polls American consumers, reports that about 1% of Americans identify themselves as vegan while 4% of Americans identify themselves as vegetarian.

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