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Experts Share Best Tips To Save Money On Gas Amid Rising Prices During Iran War

by theadvisertimes.com
3 months ago
in Money
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Experts Share Best Tips To Save Money On Gas Amid Rising Prices During Iran War
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Gas prices in the United States reached new heights again early Friday morning due to the Iran war, with the national average cost of a gallon of gas now $4.39, according to data from AAA.

Oil prices, the primary driver of gas prices, have fluctuated since the U.S. and Israel initiated the war in late February, with the global benchmark oil price, Brent crude, peaking at over $120 a barrel earlier this week.

As peace talks between the United States, Israel and Iran stall, gas prices will likely not fall anytime soon. President Donald Trump’s energy secretary, Chris Wright, said in mid-April that gas costs may not drop to under $3 a gallon until 2027.

While the world waits to see what becomes of the conflict, here are some things American car owners can do to save at the pump:

1. Adjust the way you drive — like using cruise control or slowing down — to maximize your car’s fuel efficiency.

The best way for car owners to save money on gas, experts said, is to change the way they drive to ensure they are not using more fuel than necessary.

“Nobody likes driving necessarily from point A to point B, but driving habits are a huge part of how many miles you get per tank,” according to Patrick De Haan, head of petroleum analysis at GasBuddy, adding that he sees how his own habits affect his fuel use.

“I can see it every day. Some tanks, I’ll get 350 miles out of my Mazda CX-5, and sometimes I might get 430. It’s a pretty big difference,” he said.

De Haan recommends car owners try to drive as smoothly as possible since quick acceleration and braking increase gas use. This can look like accelerating more slowly or using cruise control even while driving around town or in rural areas. Cruise control alone can increase fuel efficiency by between 5% and 10%, he said.

He added that drivers should also try to slow down to decrease fuel usage and give themselves more time to arrive at their destination. Editors at Consumer Reports tested this idea with a Nissan Altima, a four-door mid-size sedan, and a Toyota RAV4, a compact SUV.

They found that reducing the speed from 65 mph to 55 mph improved the fuel economy of the Altima by 6 mpg and of the RAV4 by 8 mpg. “Once you go past 55 miles per hour, you’re really spending a lot of energy and a lot of gas pushing through the wind,” said James McQueen, deputy auto editor at Consumer Reports, who took part in the speed test.

McQueen and his colleague found that if they drove both cars faster, from 65 mph to 75mph, the increase worsened the RAV4’s fuel economy by 6 mpg and the Altima’s by nearly 7 mpg.

“You definitely waste a lot of fuel going faster, and you’re not necessarily saving a ton of time,” McQueen said.

George Mazzella, vice president of marketing at GreenFi, a sustainable consumer banking platform, suggests drivers make sure their cars are not carrying extra weight. This can mean removing a roof rack or making sure the car is clutter-free. The heavier a car is, the more energy it needs to accelerate, brake or overcome rolling resistance.

“Every pound you are adding to your car decreases the fuel efficiency of the vehicle,” he said.

2. Check that your tires are properly inflated.

Keeping tires properly inflated is not only essential for driving a car safely, but it can also help save on fuel, experts told HuffPost.

Cars have to work harder and use more gas in the process to move forward if the tires are low on air. Tires naturally lose about 1 to 3 pounds per square inch of air a month. But changes in the weather can affect how much air tires lose in that time. Cooler weather increases how much air a tire loses, with every 10-degree drop in temperature causing tires to lose 1 pound per square inch of air pressure, according to AAA.

McQueen suggests investing in low rolling resistance tires to maximize a vehicle’s fuel efficiency. “It could save 3% in fuel, so it’s one of those things that, even when gas prices are low, you’ll still save money,” he said.

Gas prices averaged more than $4 a gallon on Friday, with drivers in some big cities seeing even higher prices at the pump.

3. Use apps that compare prices across gas stations.

Smartphone apps like GasBuddy and Gas Guru allow users to compare how much a gallon of gas costs at nearby stations. The GPS navigation app Waze also has a feature that allows drivers to search for the stations with the cheapest gas in their area or on their route. Users can select their preferred gas type ― regular, midgrade, premium or diesel ― and vehicle type in the app’s settings to help find the lowest price for the fuel they need.

Some of those apps also offer additional savings to users. GasBuddy offers flash deals, which are temporary, personalized discounts at gas stations, according to De Haan. Motorists can also scan their gas receipts for rewards using the GasBuddy app, he added.

The app Upside offers cash back for purchases on gas to its users, as does the Way app.

4. Take advantage of rewards points or cards.

Many credit cards offer rewards points or cash back on gas purchases like the Blue Cash Everyday Card from American Express and the Discover It Chrome Card, according to Bankrate.com.

The personal finance website NerdWallet recommends that Americans looking to save money on gas should invest in a card that offers not only rewards on gas station purchases but on all spending. And that they should try to invest in a card that offers at least 3% back at the pump.

Drivers trying to save on gas should make sure to check for updates to their credit cards’ rewards and cash back programs frequently, since some cards change those offers every quarter, according to Bobbi Rebell, consumer finance expert at CardRates.com.

“It’s not set it and forget it,” she said. “You want to stay on top of which of your credit cards that you have is going to give you the best deal in that period of time.”

Fuel cards are also another option for drivers trying to save on gas. Along with its free app, GasBuddy offers a fuel card for an annual fee that offers a discount of at least 3 cents a gallon on gas. But those discounts can be higher.

De Haan told HuffPost that he pays $99 a year on a GasBuddy card that saves him a guaranteed 20 cents per gallon on up to 50 gallons a month.

Some warehouse clubs like Costco, along with large grocery store chains including Kroger and Walmart, offer gas rewards and discounts to their customers. And several motor clubs, such as AAA, offer gas savings through loyalty programs.

5. Skip paying for premium.

Multiple experts said motorists aiming to save money at the pump should avoid paying for premium gas. Most cars run well on regular unleaded gas, but many drivers will fill up their tanks with premium gas because they think it is better for cars. “That’s just a waste of money, no matter what,” said McQueen.

The average cost of a gallon of premium gasoline in the U.S. is $5.24 as of Friday morning, according to data from AAA.



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