Amid the Russia-Ukraine conflict, gas prices have increased. Here are some tips for saving at the pump.
- This year, the cost of gas has increased by 33 cents, bringing the national average price per gallon to $3.59.
- The tight oil supply has been further complicated by Russia's invasion of Ukraine.
- Here are some ways to reduce how much you spend on gas.
Drivers may need to prepare for more potential pain at the pump.
The price of a gallon of regular unleaded gas has increased by 33 cents this year, reaching a national average of $3.59, due to the ongoing uncertainty over how oil supplies could be affected by Russia's invasion of Ukraine.
Patrick De Haan, GasBuddy's head of petroleum analysis, stated that the situation is highly fluid and unpredictable, and it will be a challenging journey.
On Thursday, oil prices increased due to Russia's invasion of Ukraine. For example, U.S. crude surpassed $100 per barrel before settling at around $92. Despite President Biden stating that there are currently no plans for economic sanctions targeting Russia's oil and gas exports, the country is the world's second-largest producer of natural gas and one of the largest oil producers.
Last year, the price per barrel was approximately $60. Crude oil makes up roughly half the cost of gasoline at the pump.
If the conflict in Ukraine worsens, it is uncertain how the situation will progress. With oil supplies already tight, the situation puts additional strain on prices. The current domestic crude stock levels are approximately 10% lower than they were a year ago, as reported by AAA.
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Gas prices, which are currently about 40% higher than they were in early 2020, are likely to remain high and may increase even further. There is a possibility that the average price could reach $4 a gallon this spring, according to De Haan.
There are methods to reduce the amount of money spent on gasoline refills.
By driving more gently and combining trips, you can make your car's engine operate more efficiently and stretch your fill-ups farther, De Haan advised.
Gas prices can vary significantly depending on your location.
Although the difference in price per gallon may not be substantial, it can still accumulate to hundreds of dollars annually. Prices can fluctuate greatly between states. Additionally, some stations may provide a discount if payment is made in cash.
Apps such as GasBuddy, Gas Guru, and AAA TripTik assist cost-conscious motorists in finding the best gas prices along their route.
De Haan suggested considering loyalty programs offered by major gas station chains, which are usually free to join and provide discounts on gallons purchased.
Using credit cards that offer discounts for gas purchases may not be the best option unless you consistently pay off the card's balance. This is because you could end up paying more in interest than the discount you receive.
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