The average fuel economy of new cars sold in the United States has hit a record high of 24.1 miles per gallon earlier in March of this year. At that time, analysts thought that gas prices would be around $5 per gallon.
But gas prices yielded as oil values dropped. Demand in Europe decreased and America has more fuel on its tanks. Gas prices in the nation returned to the $3.60 per gallon and drivers were relieved. But over the past two weeks, prices went up. In the past month, the average went from $3.65 to the present $3.82.
Analysts said that the recovering economy has something to do with gas prices. Others pointed out summer travel that placed a strain on the supply. Then there was Hurricane Isaac, which shut down some of the refineries in the Gulf of Mexico and sent speculators into panic.
In August, the average fuel economy was 23.8 mpg according to the University of Michigan?s Transportation Research Institute. That was a huge improvement from the 20.1 mpg that the TRI found when it started recording fuel economy in October 2007.
Average fuel economy increases and decreases have a direct relation to fuel prices. When gas prices go up, the average fuel economy of cars sold in the United States also rises. There are still gas-guzzlers available for the consumers but they don?t sell as fast as the fuel efficient models, which are a bit more expensive.
At present, dealers are offering less incentive for vehicles like the Toyota Prius. This makes them more expensive today compared to a couple of years ago. For used car buyers, the fuel efficient cars depreciate more slowly, which narrow the gap between new and used car prices. Fuel efficiency is the top item to consider when buying a car.
Source: http://www.paydayloansmag.com/connection-between-fuel-economy-and-gas-prices/
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