- The Money Minute
- Gas Prices Are Going Up. Here's How To Save.
Gas Prices Are Going Up. Here's How To Save.
Yes, there is a right and wrong day to fill up your tank.
Let’s Fuel Some Savings 🚗
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Back To Your $
Earlier this month, oil futures jumped after Saudi Arabia announced that it would cut oil production this July by one million barrels per day for at least one month. This announcement caused the benchmark for oil futures to rise 2.5% in just one business day to $78 a barrel. This indicates that investors think that cutting oil production in July will make the price of oil go up. And this makes sense, right? We know our laws of supply and demand: with less supply, and demand holding steady, prices will rise. And that is exactly what Saudi Arabia is trying to do: stabilize, but ultimately drive up, oil prices. This means that Americans can expect to see gas prices rise at the pump… again.
You might be getting pre-déjà vu from the outbreak of the Russia-Ukraine war when gas prices went bananas. I remember gas hitting over $8/gallon in LA. As we brace ourselves for higher gas prices, get to know and love these five lesser-known tips for saving on gas.
Make Wednesday gas day. Wednesday is typically the best day to fill up for less. Prices tend to rise on Thursdays in anticipation of weekend travel. A study found that refueling on Tuesday or Wednesday instead of the weekend saved 8 or 9 cents a gallon, saving more than $60/year on average. In this economy, I’ll take it.
Early birds get the deal. Gas station owners tend to hike prices after 9:00am or so, once they’ve had time to check out the prices at competing stations.
Don’t top off. You know when you’re filling up your tank and you hear that first click? You may be tempted to double check the nozzle and give your tank a little extra, but don’t! Quit while you’re ahead! That extra squeeze is likely to evaporate or splash out. And make sure your gas cap is on extra tight so that none of your fuel escapes as fumes. 1 in every 5 people have loose, damaged or missing gas caps, causing 150 million gallons of gas to vaporize every year. Not only is a tight gas cap good for your wallet, but it’s also good for the environment. Win-win.
Pay with cash. Some stations charge you less per gallon when you pay in cash because it means they won’t have to pony up for credit card fees. This hack could save you 10 to 15 cents/gallon… which could really add up depending on how often you refuel your car.
Use loyalty programs. See if the station you visit most often has a rewards or loyalty card. But don’t stop there. Some grocery store loyalty programs offer gas rewards; meaning, you earn points for shopping at the grocery store, and then you can redeem those points for cash. The last place to check is gift-card resale sites. You may be able to score a gas card worth $100 for just $90 by buying from someone who wants fast cash over gift cards.
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