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After reaching record highs in June, gas prices fell by 25% by September. Now, gas prices are on the rise again. Why are gas prices going up? Blame supply and demand. However, there’s a bit more to the story this time around.
Production Cuts Push Crude Oil Prices Higher
In June, crude oil prices had climbed to $120 per barrel as the war in Ukraine complicated operations and oil exports for Russia, the world’s third-largest oil producer. In 2021, imports from Russia accounted for 8% of all U.S. petroleum imports. As Russia’s military invaded Ukraine, the United States decided to ban all Russian oil and gas imports.
Oil prices climbed, and the national average topped out at $5.01 for a gallon of gas. To relieve supply shortages, the U.S. decided to release 180 million barrels of crude oil from the nation’s Strategic Petroleum Reserves in July. Oil prices fell, and gas prices dropped at the quickest pace ever.
But gas prices are now more than twenty cents higher than September lows. As of the time of this writing, the national average price for a gallon of gasoline is $3.92. See today’s gas prices at AAA. With crude oil prices increasing almost daily, $4 gas prices are likely to return.
Crude oil prices from May to October 2022.
Why are gas prices going up? On October 5, the world’s largest oil cartel decided to cut oil production for no reason other than to prop up prices.
In early October, OPEC+ announced that it would cut daily oil output by 2 million barrels. Globally, roughly 80 million barrels of oil are produced each day, but the markets decided this is a lot more than a drop in the bucket.
Who Is OPEC+?
OPEC+ refers to the 13 nations in the Organization of Petroleum Exporting Countries (OPEC) and 11 non-OPEC partner countries. The OPEC+ group was created in 2016 with the stated goal of working together to adjust crude oil production to bring stability to the oil market. In other words, OPEC+ exists to keep global crude oil prices where they want them.
OPEC+ countries hold 90% of the world’s proven crude oil reserves. With such power of the market, they have the capability to disrupt or enhance the supply of crude oil. Global oil markets pay close attention to the actions of OPEC+.
The OPEC+ oil cartel consists of the following oil-producing nations.
OPEC core members:
Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela.
OPEC+ members:
Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan and Oman
When Will Gas Prices Go Down?
Holiday travel drives up oil demand.
In order for gas prices to go down, either oil supply will have to increase, or demand will have to decrease. With just one month before the Thanksgiving travel holiday, demand is likely to increase in the weeks ahead, driving prices towards $4 per gallon.
If oil demand follows pre-pandemic historical trends, we could see softening demand from January to April. Peak oil demand is historically during summer and holiday travel months, with weaker demand in the winter and spring. Unless the government and domestic producers can find a way to bring down prices before then, that might be the next time gas prices drop back below current levels.
The United States meets 65% of its oil demand through domestic production. Ten years ago, 40% of America’s oil consumption was supplied domestically. The U.S. is producing more oil than ever before, but it continues to export millions of barrels to other countries. Regulators are surely looking into how they could send more domestic oil to American refineries.
Here’s How to Save Money On Gas
We created a special resource to help drivers save money on fuel expenses. These are the top ways you can save on gas:
Right now is a tough time to be in the market for a new or used vehicle, but remember to consider fuel economy next time you’re shopping for a new ride. For the average commuter, the difference between 25 MPG and 45 MPG can be over $1,000 per year in fuel savings.
Judging from the price, the Polestar 3 is going after BMW and Mercedes-Benz rather than Tesla.
On October 12, Polestar revealed its third model, aptly named the Polestar 3. A lot has changed for the brand since the arrival of the Polestar 2, a smash-hit that propelled the Volvo-owned brand to mainstream success. At last, a Polestar SUV is here. Here’s every detail about the Polestar 3’s price, range, release date. We’ll even delve into the messy EV tax credits!
Polestar’s Model Lineup Is Growing
Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 – the company’s first electric SUV. The Polestar 3 premiered on October 12, and you can watch the official unveiling here. The Polestar 4 is expected to follow in 2023 as a smaller electric performance SUV coupe.
In 2024, the Polestar 5 electric performance 4-door GT will launch as the production version of the Polestar Precept unveiled in 2020.
Polestar 3: Made in America
The new Polestar 3 will be the first of the brand’s models to be manufactured in the United States. Polestar will build the Polestar 3 at Volvo’s factory in Charleston, South Carolina starting in 2023. The 3 will be made alongside the Volvo EX90, the electric sibling to the Volvo XC90. However, the price is above the price cap in the revised EV tax credit, so it will not be eligible.
A Premium Electric SUV
Polestar 3 interior
Fresh off the successes of Polestar’s first mass-market EV, the Polestar 2, the brand is ready to step into America’s most competitive vehicle segment, that of the almighty crossover SUVs. Here’s what Polestar has shared so far:
Polestar 3 starts at a price of $83,900. The Polestar 3 Performance starts at $89,900. It will not qualify for US EV tax credits.
Range is between 270 and 300 miles (EPA estimate).
Charge time is 10% to 80% in 30 minutes.
The Polestar 3 will be powered by a new electric powertrain, taking the brand beyond the platform in the Polestar 2 today. This is expected to bring more range, faster charging, and improved battery longevity.
A rear-biased dual-motor powertrain will be standard, making all-wheel drive standard. That’s great considering the expected price.
It’s powerful: with the Performance package, the Polestar 3 puts out 510 horsepower.
It’s comfy: An adaptive suspension system with active dampers will come standard. Performance optioned cars will have sport-tuned suspensions.
According to Polestar, the Polestar 3 will, “over time, offer autonomous highway piloting powered by the best-in-class LiDAR sensor from Luminar and centralized NVIDIA computing power.” This suggests that the Polestar 3 will be capable of over-the-air updates.
The Polestar 3 will be built in Charleston, South Carolina at Volvo’s factory.
Polestar 3 Range and Battery Size
The Long-Range Dual Motor Polestar 3 has an EPA-estimated range of 300 miles. The Performance Package drops range to 270 miles. That’s excellent for an SUV, and is just shy of the Tesla Model Y’s 330 miles of range.
Battery capacity is 111 kilowatt-hours (kWh).
Charging Speed
The Polestar 3 can charge from 10% to 80% in 30 minutes at a DC fast charger. That would translate to about 210 miles of range added in 30 minutes. That is slightly better than the industry average in 2023.
At a level 2 charger (the kind typically installed at home), the Polestar 3 can charge from empty to 100% in 11 hours. Remember, it charges overnight while you sleep so this is rarely a concern.
Polestar 3 Price and Incentives
The Polestar 3 starts at $83,900 for the base Long-Range Dual Motor version. The Long-Range Dual Motor with Performance package starts at $89,900.
The Polestar 3’s price is far above America’s best-selling EV, the Tesla Model Y. Right now, the Model Y starts at $67,190 with destination fees.
In Polestar’s early marketing campaign for the 3, the brand has made it crystal clear that this is a premium SUV. Expect premium prices.
The Polestar 3 will be made in America, but the price means it’s not eligible for the new EV tax credit, which has a cap of $80,000. See EV tax credit requirements and amounts.
Exterior and Interior Options
Polestar 3 color and wheel options
The Polestar 3 Performance package costs an additional $6,600. The Performance pack increases horsepower to 517 HP, upgrades to 22″ wheels, and gets the gold accents the Polestar brand is known for.
Interior upgrades include ventilated Nappa leather seats sourced ethically, black ash deco, and massaging seats.
Competitors in 2023
2023 Cadillac Lyriq
The 2024 Polestar 3 will compete with a growing list of premium electric crossovers. These are the top contenders for the electric luxury market heading into 2023.
Tesla Model Y – Starting at $67,190; 330 miles of range
Audi etron – Starting at $72,000; 226 miles of range
Fisker Ocean – Deliveries begin in 2023; starts near $40,000 on paper, but vehicles available in 2023 will be higher-spec $70,000 Ocean One models. Up to 350 miles of range
Cadillac Lyriq – Starting at $61,795; up to 300 miles of range
Genesis GV60 – Starting at $56,395; 248 miles of range
Preorders for the Polestar 3 are open now. Deliveries will begin in late 2023, according to the automaker.
Let us know, what do you think about the Polestar 3? Is it worth a price of $83,900? I expect this to remain relatively low volume because of the price alone. Polestar seems to be competing with BMW and Mercedes rather than the big EV leader Tesla.
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We dug through the latest new car lease offers to find you the very best lease deals for October 2024. It’s becoming clear that year-end car sales are almost here! Skip ahead to your preferred auto brand to see what their best lease deals are this month. Check back for updates, as automakers typically announce new lease deals during the first week of each month. We’ve highlighted the very best lease deals in bold.
Toyota has the best lease deals for hybrids, trucks, and EVs in October. The popular 2024 Tacoma SR5 is now available as a rare zero down lease, a true gem in the truck market.
The 2024 Toyota bZ4X electric crossover is available for just $359/month with $0 due at signing. Despite some reviewer complaints about charging and range, this EV is the perfect lease for commuting and ride-sharing.
Ready to outsmart the dealerships? Download your 100% freecar buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
Rates are changing, but deals can still be had when financing a new car. Interest rates remain high in 2024, yet smart buyers secure zero percent financing each and every day. If you’re thinking of financing a new car, you’ll want to take advantage of manufacturer incentives to save thousands. These are the best new car finance deals in October 2024.
We’ve compiled every manufacturer’s financing incentives below, but these are the best loan deals with the lowest auto loan rates this month. Automakers update their incentives between the second and fifth business day of each month. Check back for updates! As you can see, zero percent financing is on the rise in a big way…
Zero Percent FinancingIn October: Chevrolet Silverado 1500; Dodge Hornet; Most Jeep models; GMC Sierra 1500; Mazda CX-50, CX-30, CX-5, Mazda3; Kia Sportage, Sortento, EV9, EV6, Niro EV; Nissan Titan, Pathfinder, Rogue; Subaru Solterra; Volkswagen Tiguan, ID.4
Kia is having a hard time selling EVs now that the EV6 and Niro EV have lost the federal tax credit. Now, the EV9 is made in America, bringing eligibility to the model. But make no mistake: EVs are where the best Kia APR deals are this month:
0% APR for 72 months: 2024 Kia EV6, 2024 Kia EV9
0% APR for 60 months: 2024 Kia Niro EV
0% APR for 48 months: 2024 Sportage, 2024 Sorento
3.9-4.9% APR on most other Kia models for well-qualified buyers
Ready to outsmart the dealerships? Download your 100% freecar buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
Would you believe me if I told you that the best-selling plug-in hybrid in America is a Jeep? As wild as that sounds in a world of Teslas and Toyotas, that is perhaps the most interesting bit of EV trivia today. Although PHEVs offer the convenience of gas stations and the savings of fully-electric miles, we’ve been hearing more drivers ask for an all-electric Jeep. When will the electric Jeep Wrangler arrive? What about an electric Cherokee or Gladiator? Let’s dive into what we know today. Check back for updates as more details are released.
Jeep 4xe: Jeep’s Strategy For Electrifying It’s Lineup
When Jeep unveiled the Wrangler 4xe plug-in hybrid in September 2020, skeptics wondered if off-roading types would ever give an electric Wrangler a try. Over two years later, the electrified Wrangler is the top-selling plug-in hybrid in America. 19,207 Wrangler 4xe’s were sold in the first half of 2022, beating the previous champion, the RAV4 Prime, by nearly 8,000 sales.
Since then, Jeep has announced that the 4xe sub-brand will continue to grow as Jeep’s electric wing. Jeep 4xe models will include full battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs).
In 2023, these are the Jeep 4xe models available now:
By 2025, Stellantis says that the Jeep 4xe family will grow to include four fully-electric models and several plug-in hybrids. I have a feeling that Jeep and its parent Stellantis are looking forward to the future, considering the success of the Wrangler 4xe.
The Wrangler EV Is a Plug-In Hybrid For Now
If you’re in the market for a fully-electric Wrangler, you’ll have to wait a bit longer. But if you’re willing to consider a plug-in hybrid (PHEV), the Jeep Wrangler 4xe is available now. In fact, the Wrangler 4xe PHEV is one of the top-selling electrified vehicles in America. Jeep has recently said that the massive popularity of the Wrangler 4xe inspired their plans to accelerate bringing By the end of 2025, Jeep says they will have four all-electric Jeep models, and plug-in hybrid options across their lineup.
The 2023 Wrangler 4xe starts at $55,590 for the Willys 4xe. No matter the trim option, the 2023 Wrangler 4xe is good for 375 horsepower and 470 lb-ft of torque, along with 21 miles of all-electric range. That comes out to a combined 49 MPGe. That’s double what you get with the gas-powered Wrangler. If you drive a lot, the savings will add up quickly.
Jeep’s Grand Cherokee 4xe Electrifies the Best-Seller
Starting just shy of $60,000, the Grand Cherokee 4xe plug-in hybrid is the definition of value in today’s selection of PHEVs. A Trailhawk 4xe can be had for $62,880. Jeep says that this is where capability meets sustainability.
The Grand Cherokee 4xe is properly powered by a hybrid powertrain that puts out 375 horsepower, 470 lb-ft of torque, 6,000 pounds of towing capacity and a VERY impressive 56 MPGe. All-electric range is 25 miles, with 470 miles of total driving range with one tank of gas and a full charge. We haven’t heard word of an all-electric Grand Cherokee just yet, but Jeep just made major announcements regarding what’s next in their 4xe product lineup.
The Jeep Recon EV Is Made For Off-Roading Enthusiasts
A convertible, open-top, off-road electric Jeep is finally on the way. If the electric Wrangler’s plug-in hybrid powertrain just doesn’t cut it, the fully-electric Recon should suit your needs. This is targeted towards those yearning for an electric Rubicon.
The Recon’s design is inspired by the Wrangler, according to Stellantis’ Chief Design Officer Ralph Giles. The Recon is an all-new model separate from some of the Recon packages that the Wrangler has featured from time to time. Take one look at it, and it’s clearly something different altogether. It’s kind of boxy, kind of rounded, but unabashedly off-road capable.
Jeep says it will have “true trail-rated capability”. The Recon will have tow hooks, off-road tires, and underbody protection to ensure that the battery is always protected. Remember, EVs are built on skateboard-like platforms with batteries beneath the cabin and motors between the wheels.
Is this a Rubicon-capable EV?
Jeep wants you to know that it is. ““The all-new, all-electric Jeep Recon has the capability to cross the mighty Rubicon Trail, one of the most challenging off-road trails in the U.S. and reach the end of the trail with enough range to drive back to town and recharge,” said Jeep CEO Christian Meunier.
These are the additional details released by Jeep and parent company Stellantis:
Reservations for the Jeep Recon will open in early 2023
True trail-rated capability with Jeep Selec-Terrain traction management system, e-locker axle technology, under-body protection, tow hooks and aggressive off-road tires
Authentic Jeep open-air freedom with a one-touch powertop, removable doors and glass
The latest generation Uconnect system, including detailed travel guides of the most notable off-road trails
Recon EV Pricing
Stellantis didn’t announce exact pricing, and considering the volatility in lithium-battery supply chains right now, that was probably wise of them. We can infer from the Recon press release that they are positioning the Recon to basically be an electric Wrangler Rubicon. EVs are always more expensive, so I expect Recon pricing to be roughly $5,000 – $8,000 more than Wrangler Rubicon prices like-for-like. With that said, I estimate the Recon’s starting price to be in the ballpark of $46,000, with fully-optioned trims going for closer to $60,000.
Good news for EV tax credit hopefuls! The electric Recon will be built in America. It’s not confirmed where batteries will be sourced from, but it’s highly likely that they will be supplied by the new Stellantis-Samsung SDI battery plant to be built in Indiana.
Will the Jeep Recon qualify for tax credits? With made-in-America batteries AND final assembly, it’s highly likely that it will. Remember, you’ll have to keep the price under $80,000 for an SUV, and fall under the income limits.
The Electric Wagoneer S Is a High-End Jeep. Expect It to Be Expensive.
By now, I think we’re all getting used to the Jeep Grand Wagoneer’s foothold in luxury status. The ‘regular’ Wagoneer is much more approachable, but it’s still near-premium priced at $60,000. If you haven’t noticed, luxury automakers are going electric, and Jeep is giving the Wagoneer the EV treatment too.
Jeep calls the electric Wagoneer the ‘Wagoneer S’, but indicated in their own unveiling that it may be a placeholder name. We know little about the Wagoneer S right now, but here’s what Jeep has shared:
It’s a premium mid-size SUV
Range will approach 400 miles
4×4 capability is standard
The Wagoneer S will be made in North America
Reservations open in early 2023
Wagoneer S Pricing
Stellantis isn’t hiding their plans to price the Wagoneer EV in the premium class. They call the Wagoneer S ‘The Art of American Premium’, so expect a premium price.
Need evidence for convincing? Jeep just announced these performance specs for the Wagoneer S: 3.5 second 0-60 time, over 600 horsepower and range of 400 miles on a charge. Every EV available today with performance and range costs at least $80,000. We’re talking about the Lucid Air, Tesla Model S, and a few others. Factor in that this is a mid-sized SUV, and it becomes crystal clear that this won’t be cheap. This one is tougher to estimate than the Recon EV, but considering the pricing for the combustion-powered 2023 Jeep Wagoneer, I think the Wagoneer S electric vehicle will have a starting price between $65,000 and $75,000.
EVs require more costly raw materials, and that drives prices higher. Don’t forget that the more miles you drive in an EV, the sooner the payback period will arrive to break even versus more affordable gas-powered models. And you’re driving thousands of miles with zero tailpipe emissions along the way.
The good news is that the all-electric Jeep Wagoneer S is likely to qualify for up to $7,500 in federal incentives, plus whatever your state has to offer.
We’ll update this page when we know more.
Is the Jeep Avenger Coming to America?
Sadly, Stellantis doesn’t think that the more compact Avenger electric Jeep is suitable for the American market. They have said that the Avenger will be built in Poland for European markets, with no plans to bring it stateside. Americans live compact SUVs, so I suspect this is more of a supply constraint issue.
We’ll be sure to update this page with more information on electric Jeeps as Stellantis releases more details. 2023 and especially 2024 look to be big years for Jeep’s 4xe ambitions.
CarEdge Insights
