The Gas Price Chart clearly shows that the prices are on the rise and what’s worse is that the analysts are not expecting a decline in many years to come. Therefore, people who are planning to hit the road for a long trip might want to reconsider.
Although geopolitical tensions can contribute to the increase in prices of such commodities, the main reason is the difference in supply and demand. Since summer is the peak driving season when many families plan to spend time away from home and on road trips, the demand considerably increases. At the same time, supply lags behind, and the prices peak.
Over the past few years, there have been unexpected disruptions in the supply as well. The Middle East experienced hurricanes and military conflicts which left an impact worldwide.
How Can You Financially Tackle This Situation?
When the gas prices are on the rise, you must be looking for ways to save some bucks. First thing first, we recommend everyone to opt for gas points that are near your place. In addition to this, here are a few other things to keep in mind to save money when gas prices are high.
Consider Carpooling To Work
If you and a colleague happen to be in the same area, it is better to carpool to work instead of you two driving separate vehicles. In this manner, you can divide fuel prices and save money. The overall cost for each rider would be cut down by 50%!
You can also ask around at the workplace if anyone passes by your area or if you happen to drive by a colleague’s place. Other online services like UberPool let you find potential commute partners too.
Prefer Public Transportation
When gas prices jump, it is better to opt for public transportation that is definitely cheaper than driving by yourself. You can travel more affordably on a bus or a train. This is even more beneficial if you live in a large metro area and want to save money.
Some people have even opted to ditch the car altogether. They meet their daily needs through public transport and then, on days they really need a car, opt for rental services like Turo instead. Surprisingly, this is a cheaper and more reliable alternative.
Look Around For Gas Stations That Do Cash Backs
Yes, you heard that right. There are many gas stations that let you avail cash back offers and give back a percentage of your spending. Although you might not save up a lot through this method, it is still something better than paying the whole amount!
These cashbacks are applicable on some credit cards that let you get 3% in cashback. Typically, the use of such credit cards can help you save 5 cents per gallon.
Guy Groceries In Bulk
If you are habitual of doing a weekly round of groceries, it is time to shift to monthly purchases instead. This way you will only need to make the trip to the grocery store once a month and save up on considerable fuel.
However, make sure you are able to store the items safely. Some foods like canned beans, canned tomatoes, dried pasta, and white rice are easier to store.
Avoid Aggressive Driving
Speeding, accelerating suddenly, and rapidly pulling brakes count as rash or aggressive driving. You may not be aware but such actions have a huge impact on fuel consumption. They can lower fuel efficiency by 30%.
Therefore, it is advisable to opt for a calm drive instead. Apply brakes gradually, try to drive at a consistent speed, and coast to red light whenever possible. This will help you decrease gas mileage considerably.