NEW YORK — The worst is over, for now. Gasoline prices are starting to fall.

After a four-month surge pushed gasoline to nearly $4 per gallon in early April, drivers, politicians and economists worried that gasoline prices might soar past all-time highs, denting wallets, angering voters and dragging down an economy that is struggling to grow.

Instead, pump prices have dropped 6 cents over two weeks to a national average on Friday of $3.88. Experts say gasoline could fall another nickel or more next week, saving drivers about $2 per fill-up.

Drivers might also get to say something they haven’t since October 2009 — they’re paying less at the pump than they did a year ago.

“It’s nice, much more manageable,” said Mark Timko, who paid less than $4 per gallon Wednesday in the Chicago suburb of Burr Ridge, Ill., for the first time since March. “I wasn’t sure how high they were going to go this year.”

Gasoline prices are lower than they were a year ago in 11 states, according to the Oil Price Information Service. At $3.88, the national average is still high, but it’s down from a peak of $3.94. Predictions of $5 gasoline earlier this year have — mercifully — evaporated.

Tom Kloza, publisher and chief oil analyst at Oil Price Information Service, expects gasoline prices to drop to just above $3.80 by late next week. Stuart Hoffman, chief economist at PNC Financial Services Group, said the falling prices will put more money into the economy for Americans to spend elsewhere.

A 10-cent drop in gasoline prices would mean drivers would have an extra $37 million per day to spend on other things.

Gasoline prices have been pushed high by crude prices that have averaged $104 per barrel this year. World oil demand is expected to set a record this year and a series of production outages around the world have kept supplies low.

Oil rose to $110 as the West tightened sanctions on Iran in an effort to make it harder for that country to sell oil and pressure it to abandon its nuclear ambitions. Fears that retaliation by Iran could disrupt Middle Eastern supplies pushed oil prices up by as much as $15 per barrel, experts say.

Closer to home, there were concerns about restricted supplies of gasoline on the East Coast after three refineries closed and two more were set to be shuttered. Gasoline futures prices, which are quickly reflected in pump prices, rose to their highest levels in nearly a year.

But several factors have contributed to the lower prices at the pump:

• Oil prices have fallen in recent weeks. Iran and the West are negotiating, the growth in demand for oil has moderated, and world oil supplies are rising again thanks to more production from Saudi Arabia, Libya and the United States. Oil has fallen to $103.05 per barrel, down from a peak of $110.55 on March 1.
• Potential buyers for the two East Coast refineries have emerged, so they are now expected to stay open.
• U.S. drivers have gotten frugal at the gas pump. Gasoline demand has dropped by about 6 percent, compared with the same period last year, according to the latest government data.

In response, gasoline futures have since dropped by 8 percent. That’s expected to cut the price of wholesale gasoline, and those savings will be passed on at the pump.

Prices are not expected to plummet. Even if the Iran situation were totally resolved — an unlikely event — analysts say oil would not fall much below $90 per barrel.

And there’s a possibility prices could still reverse themselves. Hurricanes in the Gulf of Mexico, inflamed Middle East tensions or fighting in a major oil-producing country like Iran or Nigeria could reduce supplies. A surge in world economic growth could increase demand.

Gasoline prices rise nearly every spring, and often peak in May.

This year, they’re falling a little earlier, and motorists are already making summer vacation plans.

Timko was going to take the train to Washington. D.C., this June with his wife. With gas prices down by about 40 cents per gallon — and more importantly below $4 — in their neighborhood, they’ve decided to drive instead.

“Under $4 makes a big difference,” he said. “Just from a perception standpoint.”

If you are looking for other ways to save a few precious dollars give us a call at Congress Insurance.  You can find us at www.congressins.com or  Like Us on Facebook.

This article was written by CHRIS KAHN and SANDY SHORE of the Associated Press and reported on MSNBC.COM

NEW YORK (MainStreet) — Want to move into a new home by Labor Day? Sept 3, the deadline for many who want to be relocated by the start of school, seems like a long way off, but really isn’t given the glacial pace of mortgage approvals.

Many lenders are taking 90 days to approve loans. For the majority of applicants — people who are refinancing — that’s just an inconvenience and minor expense, adding a month or two of payments at the old loan’s higher rate. But for buyers with a deadline like the start of school or a new job, delay can be serious.

It’s a problem for sellers, too. Not only are lenders taking longer to grant loans, they are rejecting more because of today’s tight underwriting and appraisal standards. A seller can find a buyer — tough enough in today’s market — then wait three months only to find the buyer’s loan denied. The seller can continue showing the home during that period, but that’s a hassle and many buyers feel it’s a waste of time to look at a home under contract.

Seller and buyer should also make sure the home appraisal will be high enough to satisfy the lender, who probably will loan no more than 80% of the home’s appraised value. Appraisers are being tougher these days. Use sites like Zillow.com and Trulia.com to find recent sales data of comparable homes in the area. Ideally, the buyer should have cash in reserve to make a larger down payment if the appraisal comes in a bit low.

The buyer can minimize delays by gathering ahead of time all the documents the lender will require, including tax returns, pay stubs, statements from lenders, brokers, banks and mutual fund companies. Because loan officers are swamped these days, the buyer should keep abreast of all deadlines and be ready to hand-deliver documents or prod an employer to verify income.

Most important, the buyer should shop around for a lender that will assure a timely closing, as some manage it in 45 or 60 days while others are taking much longer. The real estate agent or mortgage broker may have some suggestions. Otherwise, you’ll have to phone the lenders.

Be sure to check with smaller local and regional banks, as well as credit unions, not just the big national banks that are buried in applications. Mortgages are commodities, and there’s no reason to limit yourself to the bank you already do business with if others offer better deals.

If your closing and moving deadline is critical, it might be worth selecting a lender whose fees are a tad higher. But be wary of paying a higher interest rate just to get a quick-closing loan, as that could cost you dearly over 10, 20 or 30 years. For every $100,000 borrowed, you’d pay $477 a month at 4%, $492 at 4.25%. Over 30 years, the higher rate would add $5,230 in interest charges.

As always Congress Insurance Agency is here to guide you in the right protection for your new home purchase.  Please contact us at www.congressins.com or Like Us on Facebook.

Written by Jeff Brown for Mainstreet.com

Last week, a fire badly damaged the home of a new Fisker Karma owner, and authorities are saying that the electric car was the source of the blaze.

A new Fisker Karma, an electric vehicle

According to Fort Bend County, Texas, chief fire investigator Robert Baker, the Fisker Karma started the fire that spread to the house.

“Yes, the Karma was the origin of the fire, but what exactly caused that we don’t know at this time,” he said. The car was a complete loss.

The charred remains of the Fisker Karma in Sugarland, TX

According to Baker, the driver arrived home in the Fisker, pulled into the garage, and less than three minutes later the car was in flames. It reportedly was not plugged in at the time of the fire and the Karma’s battery remains intact.

Right before the fire, the owner reported a smell of burning rubber.

“The car was brand-new,” said Baker. “He still had paper tags on it, so it was 60 days old at [most].”

According to Baker, the Karma was a post-recall vehicle bought in April.

There was substantial damage to the garage, which then spread to the second floor. No injures were attributed to incident. The house was new, but the owner had already moved in.

Baker estimated damages at roughly $100,000, not including the other two vehicles in the garage, a Mercedes-Benz SUV and an Acura NSX.

“This looks just like golf cart fires we have down here,” said Baker. The suburban Houston area has approximately 50 golf cart fires a year, he said.

“I’ve worked homicide scenes with less secrecy,” Baker added. “There have to be about 15 engineers down here working on this one.”

While Baker seems certain of his conclusions, the incident is the subject of an ongoing investigation, and an official report is expected in the near future.

When reached for comment, Fisker had this to say:

Last week, Fisker Automotive was made aware of a garage fire involving three vehicles, including a Karma sedan, that were parked at a newly-constructed residence in Sugar Land, Texas. There were no injuries.

There are conflicting reports and uncertainty surrounding this particular incident. The cause of the fire is not yet known and is being investigated.

We have not yet seen any written report form the Fort Bend fire department and believe that their investigation is continuing. As of now, multiple insurance investigators are involved, and we have not ruled out possible fraud or malicious intent. We are aware that fireworks were found in the garage in or around the vehicles. Also, an electrical panel located in the garage next to the vehicles is also being examined by the investigators as well as fire department officials. Based on initial observations and inspections, the Karma’s lithium ion battery pack was not being charged at the time and is still intact and does not appear to have been a contributing factor in this incident.

Fisker will continue to participate fully in the investigation but will not be commenting further until all the facts are established.

If you have a less combustible vehicle that you’d like to insure please give us a call.  Find us at www.congressins.com or  Like Us on Facebook.

This article was written by David Arnouts and reported at Autoweek.com

Read more: http://www.autoweek.com/article/20120508/CARNEWS/120509860#ixzz1uOeYQsyn

Big pickup trucks are handy if you need to carry heavy loads over rough terrain. But why do so many people buy them for taking kids to school, picking up groceries and driving to the office? It’s because trucks have sex appeal and their drivers hope some of it will rub off on them.

In just over a decade the pickup-truck market has transformed from a fleet of rough-and-tumble work vehicles to smooth-riding luxury cruisers that happen to have cargo beds. High-end models from the Ram Laramie Longhorn to the Ford F-Series King Ranch have cabs lined with so much leather and plush  carpeting that one would never consider climbing in with muddy boots.

But even more basic pickups have qualities that make them more attractive than the typical economy car. And if you are looking for a vehicle that will help attract a date or a mate, you may be better off with a truck than a little red Corvette, Porsche or even a Ferrari.

That’s the message woven into a promotional program for Chrysler Group’s Ram truck unit. The company recruited country singer Kip Moore to help pitch its trucks after spotting his hit song, “Somethin’ ‘Bout A Truck,” climbing the charts. In a few lines Moore captures why pickup trucks keep selling despite high gasoline prices.

A truck, it seems, is an ideal backdrop for romantic encounters. In the song, Moore appears to draw from experience. But even people who have never sat on a truck’s tailgate sharing cold beer with a love interest on a summer night can relate to the story.

People tend to associate big pickup trucks with strength, skill and rugged individualism. We assume the person who drives one can change a tire, sweat pipe joints, do electrical work and hunt game for dinner. If someone is stuck in a snow drift or a roadside ditch, the pickup driver can pull them out. Indeed, it seems there are few obstacles a person cannot overcome with a pickup truck, a tool box and a pair of tow cables.

If there’s a new truck, or anything else on wheels, in your future please give us a call for your insurance needs.  Find us at www.congressins.com or Like Us on Facebook.

This article was written by Jonathan Welsh and published at the WSJ Blog.

May Is Motorcycle Awareness Month: Dare To Be Aware ~ As A Biker We Need To Look For Trouble.

Ferrari will offer its first gasoline-electric hybrid system in 2013. The technology will be featured in the as-yet-unnamed car that will replace the limited-edition Enzo.

“We are entering the market with our Formula One-derived hybrid system, which will slash fuel consumption and increase performance,” Ferrari CEO Amedeo Felisa told Automotive News Europe on the sidelines of the Beijing motor show.

Ferrari said that in testing, its so-called “HY-KERS” hybrid has slashed fuel consumption by about 40 percent while decreasing the time it takes to accelerate from 0 to 124 mph by about 3 seconds compared with a Ferrari model without the system.

Racing fans may know that in Formula 1, the most high tech (and high buck!) racing series in the world, KERS is a feature on this years cars. KERS, or Kinetic Energy Recovery System, converts the massive amounts of heat generated by braking these ultra high performance cars from speeds of over 200 mph into electricity, which is stored in an on-board battery. The drivers then have a button which allows them to release the stored energy in the form of a power boost through an electric motor. Televised races show a graphic on screen telling viewers when a certain driver has activated the system.

Felisa said the HY-KERS system adds about 265 pounds to a car. The Fiat subsidiary will compensate for some of that weight gain by cutting weight from the car’s chassis and powertrain. Felisa said the new car’s chassis will have the same grade of carbon fiber found in Ferrari’s F1 cars. That carbon fiber is lighter and more durable than the grade already used in the Enzo’s and F50′s chassis and body, the CEO said.

South Korea’s Samsung Electronics will provide its lithium ion cells to Ferrari, which will put them together in its own battery packs at its F1 racing headquarters in Fiorano, near Modena, Italy.

If one of these beauties is in your future garage, or if you settle for something a bit more subtle, we hope you’ll consider us for the insurance. Find us at www.congressins.com or  Like Us on Facebook.

This comes to us courtesy of one of our insurance carrier Facebook pages.  It’s from the NY Times.

Click on the link to play the game.  Hopefully we don’t have to tell you this already, but DON’T PLAY THIS ON YOUR SMARTPHONE BEHIND THE WHEEL!

Good luck and have fun:

http://www.nytimes.com/interactive/2009/07/19/technology/20090719-driving-game.html

2013 Dodge Viper SRT