Gas prices have reached an all-time high due to demand greatly exceeding the supply. The economy and workforce has bounced back much faster than the production of many goods and services. This global inflation coupled with the economic isolation of Russia, the third highest oil producing nation, has spiked the price of oil worldwide. More than 50% of the cost of gasoline is based on the price of oil, according to the U.S. Energy Information Administration.
High gas prices harm low income families and fixed income individuals the most and will likely cost the typical household an additional $2,000 per year in gasoline costs, according to Yardeni Research and the Wall Street Journal.
Here are some ways you can save:
Track local gas prices: Apps like GasBuddy, Gas Guru and AAA TripTik can track down the cheapest price per gallon in your area.
Pay with cash: The price per gallon can be 10 cents to 15 cents more per gallon for credit card transactions. Pay with cash or debit instead or even use a gas rewards credit card to earn cash back on those charges.
Drive strategically: Carpool to and from work or school. You can find ride shares with websites like ZimRide, RideJoy or eRideShare.
Sign up for loyalty programs: Loyalty programs, which many major gas station chains have, can help offset the price at the pump. Some grocery store chains may also offer cents-per-gallon rewards.
Walking, Biking, & Public Transportation: With Spring around the corner, walking and biking can be a healthy and efficient means of traveling around town. In our car-centric culture, people often forget about our public transportation system. An all-day bus pass is currently less than one gallon of gasoline. Here is the CT Transit Schedule where you can purchase passes or add funds to your card.