The pump-filled sticker shock comes with a hefty dose.
Gas prices have reached record highs due to Russia’s invasion of Ukraine and global supply concerns – reaching $ 6 in some parts of the country.
To combat rising fuel costs, the White House has said it will release 1 million barrels of oil per day from the country’s strategic reserves “as a bridge to the end of the year when domestic production will increase.”
According to the US Energy Information Administration, increased supply should help reduce prices because more than 50% of petrol consumption is based on oil prices.
Patrick de Han, head of petroleum analysis at GasBuddy, said the price at the pump is expected to be “maybe one or two bucks a day”.
“Over the next few weeks we will see the national average price of petrol fall below $ 4 per gallon,” he said. “Diesel should also come down below $ 5 per gallon nationally.”
How to save gas now
Now, according to a separate report from AutoInsurance.com, about 9 out of 10 car owners are concerned about the ability to fill.
To protect yourself from unexpected prices at the pump, consumer savings expert Andrea Oroch has these tips:
- Track gas prices. Apps like GasBuddy, Gas Guru and AAA TripTik can track the cheapest price per gallon at gas stations. Even if the difference doesn’t seem too great, it can add up to hundreds of dollars a year.
- Pay in cash. The price per gallon for credit card transactions can range from 10 cents to 15 cents more. Instead of getting a lower price, pay in cash or use a Gas Rewards credit card to get a cash back on those charges. (CNBC’s Select has a complete roundup of the best cards for fuel based on your consumer habits.)
- Drive strategically. Car pulling at work and at school or sports practice can dramatically reduce your time on the road. You can even find ride shares using sites like ZimRide, RideJoy or eRideShare.com, Woroch suggests. Also, order online and look for free delivery to reduce the cost of getting groceries, takeouts and other daily necessities.
- Sign up for the loyalty program. In addition, the loyalty program, which has many large gas station chains, can help offset the cost at the pump. Some grocery store chains can also offer cent-per-gallon prizes. For example, Kroger and Shop & Stop give fuel points for every $ 1 spent on groceries, which can be redeemed at participating gas stations.
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