Filling up at the pump comes with a healthy dose of sticker shock.
Russia’s invasion of Ukraine and global supply problems have pushed gas prices to record highs – hitting $6 in some parts of the country.
To combat rising energy costs, the White House said it will release 1 million barrels of oil a day from the country’s strategic reserves “to serve as a bridge through the end of the year when domestic production ramps up.”
We could see the national median price of gasoline fall back below $4 a gallon in the coming weeks.
Patrick DeHan
Head of Petroleum Analysis at GasBuddy
The increased supply should help push prices down as more than 50% of the cost of gasoline depends on the price of oil, according to the US Energy Information Administration.
Expect prices at the pump to fall “perhaps a penny every day or two,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“We could see the national median price of gasoline fall back below $4 a gallon in the coming weeks,” he said. “Diesel should also fall below $5 a gallon nationwide.”
In this way you save fuel immediately
According to a separate report by AutoInsurance.com, nearly 9 out of 10 car owners are worried they can’t afford to fill up.
To protect yourself from unpredictable prices at the pump, consumer savings expert Andrea Woroch has these tips:
- track gas prices. Apps like GasBuddy, Gas Guru, and AAA TripTik can find the cheapest price per gallon between gas stations. While the difference doesn’t seem like much, it can add up to hundreds of dollars a year.
- Pay with cash. The price per gallon can be 10 cents to 15 cents more per gallon for credit card transactions. Instead, pay with cash to get the lower rate, or use a gas rewards credit card to get cash back for these charges. (CNBC’s Select has a full roundup of the best cards for fueling based on your spending habits.)
- Drive strategically. Carpooling to and from work and school or gym training can drastically reduce your time on the road. You can even find ridesharing through sites like ZimRide, RideJoy, or eRideShare.com, Woroch advised. Also, order online and look for free delivery to reduce the cost of groceries, takeaways and other everyday necessities.
- Sign up for loyalty programs. Additionally, loyalty programs that many large gas station chains have can help even out the price at the pump. Some grocery chains may also offer rewards in cents per gallon. For example, Kroger and Shop & Stop give gas points for every $1 spent on groceries redeemable at participating gas stations.
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