Auto News

Gas prices are the highest in seven years.How to save with a pump

Justin Sullivan | Getty Images

At least for now, you may want to get used to raising the price of your pump.

As of Monday, the average cost of a gallon of gasoline was $ 3.30, up 7.5 cents from a month ago and $ 1.08 higher than a year ago, according to the fuel-saving app GasBuddy. By Tuesday, the average had risen to $ 3.32. This is a price not seen since 2014.

Patrick de Khan, Head of Oil Analysis at Gas Buddy, said: “I think it’s only a matter of time before things reach $ 3.35, and maybe $ 3.40 until things catch up.”

Other articles on personal finance:
Some smart financial moves for new parents
Pensions may come to your 401 (k) plan
Here is the place to invest your money in 2022

Global demand for oil remains high, but supply remains tight. According to AAA, the cost of crude oil is over $ 80 per barrel. The price per barrel in August was in the low $ 60 range. Crude oil accounts for about half the price of gas.

The states with the highest average prices per gallon are California ($ 4.45), Hawaii ($ 4.13), and Nevada ($ 3.90). The lowest average prices are Texas ($ 2.92), Oklahoma ($ 2.94) and Arkansas ($ 2.97).

There are several ways drivers can save gas. For starters, you can drive more gently, which can make your car’s engine run more efficiently, DeHaan said. In other words, don’t do things like speed or light-to-light racing.

“But it’s hard to convince the driver to move the leadfoot back,” he said.

Plus, shop at the best prices. Depending on where you live, large price fluctuations can occur between gas stations. And even if the price difference per gallon is only a few penny, it can be hundreds of dollars a year. Even prices from one state to another can vary significantly.

“Too many drivers pull on the nearest pump and overpay,” DeHaan said.

In addition, there are apps such as GasBuddy, Gas Guru and AAA TripTik that you can use to find the best price along the route.

It is also worth investigating the loyalty programs that many major gas station chains have. They are generally free and can offer a cent discount per gallon, DeHaan said.

However, credit cards that offer discounts on gas purchases may not be the best option unless you repay your card balance on a regular basis. In other words, you may pay more interest than the discount itself.

https://www.cnbc.com/2021/10/19/gas-prices-are-at-seven-year-high-how-to-save-at-the-pump.html Gas prices are the highest in seven years.How to save with a pump

Back to top button