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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 better financial choices by offering you interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies who pay us. This compensation may impact how and where products appear on this website, for example, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our mortgage, home equity, and other products for home loans. This compensation, however, does affect the information we publish, or the reviews you read on this site. We do not cover the entire universe of businesses or financial offers that may be accessible to you.
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4 min read. Published August 14, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely 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 from late 2021. They are committed to helping readers feel confident to manage their finances by providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
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Drivers throughout all across the U.S. have been dealing with record high gas prices in the last year at the pumps. However, in the past month, with a declining consumption, prices have dropped a bit which has given motorists a sense of relief. The national average cost for one gallon of regular gasoline is now $4.13, . In the beginning in August, the prices had been down 64 cents compared to the same time frame. But the harm has been done in many ways, as prices for gasoline are more expensive than they were one year ago. AAA found that many drivers have made significant lifestyle changes to help cope with the rising cost of gas which include taking fewer trips, combining their errands and limiting shopping or dining out. Here are some additional ways to save money on gas. 5 methods to save cash at the pump. To reduce the cost of gas and pay less on gas, think about making a few adjustments to your regular drive. 1. Drive the speed limit No regardless of the efficiency of your car, keeping within the speed limit will help conserve fuel. The mileage of your gas will drop when you travel at speeds of more than 50 miles per hour. Alongside driving the official speed, it’s a good idea to stay clear of excessive acceleration or braking that can lead to lower gas mileage. 2. Look around for the most affordable options Before pulling into the first gas station you see look up the cheapest alternatives in the vicinity. You can download apps such as GasBuddy, Gas Guru and the AAA app to find out where the lowest gas prices are near you. 3. Stick with regular gas options Unless your vehicle requires premium fuel, there’s no reason to pay the extra cash for the top option. Sticking with regular gasoline will reduce your expenses by fifty cents each gallon — a small number that can quickly add to. 4. Participate in a rewards program A lot of supermarkets reward drivers for filling up at their stations. Some credit cards also offer points when used at the pump. If a gas station that is traditional is more your style, look out for rewards options specific for the brand you prefer, such as the ones offered by 7-Eleven. 5. Map out routes in advance to save money on gas and time in the car, use apps like Waze to take the most efficient route available. Also plan your route in advance to ensure you aren’t wasting fuel by retracing your route to other locations. 6. Maintain proper tire pressure When your tires are not properly inflated, it can impact your vehicle’s fuel efficiency, which can reduce the efficiency of your fuel. Ensuring your vehicle’s tires are properly aligned can increase gas mileage. 7. Use cruise control Driving with cruise control will help you maintain a steady speed which will in turn reduce the amount of gas used. 8. Cut down on the use of air conditioners as the air conditioner uses up gas faster due to the power of the engine required to run its cooling mechanism. Other methods to cut down on car costs It’s true that the expense of powering your vehicle can be expensive — particularly in recent times — the is made up of many factors. And there are still other methods to reduce your expenses as a driver. Maintain your vehicle Keeping current on the is a great way to prevent any unexpected issues. Make sure to have your car checked by a professional every year or two to avoid any costly problems that could arise in the future. Cut down on long trips The more miles you have on your odometer will mean more trips to the petrol station, but it also means more potential for mechanical problems. If you can avoid it, this isn’t the best time for a long road journey. It could be a good time to share a car or use public transportation if it’s there is one available. Find a lower cost insurance provider if you’ve been with the same insurer for more than one or two years it could be the perfect time to shop around and see what alternatives are out there. Make sure you compare multiple insurance providers to make sure you’re getting the best deal. Refinance your existing car loan You may be able to secure better terms and save on your monthly payment by . This is particularly true if you have improved your credit score. Examine your credit report to see how you can save money by refinancing. The volatility in gas prices is due to a combination of elements. Even though prices have declined but the price for gas is still one cent more than a year ago. And in many regions, the cost for one gallon of gas remains well above $4, while California residents continue to pay higher than $5.50 each gallon. The high prices that the country is still facing are due in part to Russia’s invasion of Ukraine and subsequent sanctions. The sanctions have resulted in an astronomical increase in the cost of oil that is used as a primary ingredient for powering many automobiles. When the cost of crude oil goes up, so do prices at the gas pump. The bottom line When you own a vehicle expenses can mount up — and the fluctuating price tag attached to the gas pump can cause a great amount of discontent. While gas prices are outside the control of you, focus on the choices you can make to cut costs. The changes you can make are looking around for the cheapest gas prices in your region, combining your errands and trips whenever possible, and maintaining your vehicle properly maintained.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with concise, well-researched, and clear information that breaks down complex topics into manageable bites.
Auto loans editor
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