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Gas prices are likely to continue climbing through 2022: Here’s how to save at the pump Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you financial calculators and interactive tools, publishing original and objective content. This allows users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that compensate us. This compensation can affect the way and when products are featured on this site, including for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law for our loan products, such as mortgages and home equity and other home loan products. But this compensation does affect the content we publish or the reviews you read on this site. We do not cover the vast array of companies or financial offerings that could be available to you.
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4 min read Read Published August 14, 2022
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of using loans to buy a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers to control their finances with clear, well-researched information that dissects complicated topics into bite-sized pieces.
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The drivers all over in the U.S. have been dealing with record-high gas prices in the last year at the pumps. However, over the last month, with a declining demand, prices have dropped a bit and give motorists a sigh of relief. The average price for a gallon of regular fuel is now $4.13, . As of the beginning of August, prices were reduced by 63 cents over one month ago. However, the damage has been done in a variety of ways, since prices for gasoline are higher than a year ago. AAA found that many drivers have made substantial lifestyle changes to help cope with rising gas prices which include driving less, combining errands and limiting shopping or dining out. Here are some other strategies to save money on gas. 5 methods to save cash at the pump. To reduce the cost of fuel and save money at the pump, consider making a few changes to your normal drive. 1. Follow the speed limit no matter the fuel economy of your vehicle, staying within the limits of speed will help you save money on fuel. Your gas mileage will decrease in the event that you exceed 50 mph. In addition to driving at the posted speed, it’s a good idea to avoid extreme acceleration or braking that can lead to low gas mileage. 2. Shop around for the cheapest options Before pulling into the first gas station you see, research the lowest-priced options in the area. You can download apps like GasBuddy, Gas Guru and the AAA app to find out where the lowest gas prices are near you. 3. Choose regular gas choices Unless your vehicle requires premium gasoline, there is no need to dole out the extra cash for the top option. Sticking to regular gasoline will cost you about $50 cents per gallon- a small number that quickly adds to. 4. Participate in a rewards program A lot of grocery stores offer that reward motorists for filling up at their stations. Certain credit cards also provide points when used when you fill up at the pumps. If a gas station that is traditional is more your thing then look for rewards programs that are specifically tailored with the companies you like, such as the one offered by 7-Eleven. 5. Plan your routes in advance to save money on fuel and time in the car, you can use apps such as Waze to find the most efficient route. Plan your route prior to time to ensure that you don’t use up the fuel going back and forth to various regions. 6. Maintain proper tire pressure When your tires are under-inflated they can affect your vehicle’s fuel efficiency, which can reduce the fuel economy. Ensuring your vehicle’s tires are aligned correctly can help improve the gas mileage of your vehicle. 7. Use cruise control Driving with cruise control will allow you to keep a steady speed, which can decrease the amount of gasoline consumed. 8. Reduce air conditioner use Using the air conditioner drains gas more quickly because of the power needed by engines to run its cooling mechanism. Other ways to cut down on car costs It’s true that the power used to run your vehicle is costly — especially now — the is made up of many elements. There are many other methods to reduce your expenses as a driver. Keep your vehicle current on the is a great way to prevent any unforeseen problems. Try to get your vehicle examined by a professional couple of times per year to prevent costly issues likely to arise in the future. Make sure you reduce the length of your trips. The more miles you have on your odometer mean more trips to the gas station. However, it also means more potential for mechanical problems. If you are able to avoid it, this might not be the best time to plan a long road journey. It might also be a good idea to carpool or take advantage of public transportation where there is one available. Look for insurance that is less expensive if you’ve used the same insurance provider for more than one or two years it could be the perfect time to explore other options are available. Make sure you compare multiple providers to ensure you are receiving the best price. Refinance your current vehicle loan You might be able to get better terms and save on your monthly payment by . This is especially relevant if you’ve improved the credit rating of your. Examine your credit report to see how you can save in the long run by refinancing. The fluctuation in gas prices is caused by a mix of elements. Even though prices have declined, the average cost for a gallon of gas remains $1 more expensive than the same time last year. And in many regions where the price for gasoline remains well above $4. California residents pay over $5.50 each gallon. The high prices that the country is still facing are due in part to Russia’s invasion of Ukraine and resulting sanctions. The sanctions have resulted in a dramatic rise in the price of oil that acts as the primary fuel for powering many automobiles. As the price of crude oil rises, so do costs at the gas station. The bottom line when it comes to vehicle ownership the costs can be high – and the fluctuating price tag associated with the gas pump can cause a great amount of discontent. While gas prices are outside of your control, concentrate on the choices you can make to save. A few of the adjustments that you can make include shopping around for the lowest prices for gas in your area making sure you combine your errands with trips whenever possible, and maintaining your car in good condition.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of taking out loans to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances through providing precise, well-researched and well-studied information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
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