Gas prices worldwide will keep soaring as the conflict between Ukraine and Russia continues. As of Tuesday, March 8, the cost of regular gas has increased to $4.17 a gallon, beating the price of the stock market crisis in 2008, which was highest at $4.11.
According to CNN, Russia is one of the world's biggest oil exporters, and while the sanctions against the country have not included this product, many traders have stopped purchasing Russian oil. Since the price of oil is dictated by the global commodity markets, the impact of this decision has cascaded everywhere, including the basic family unit.
Here are ways to save money amid the gas price increase:
1. Download a price comparison app to find the cheapest gas near where you live.
A difference of 10 to 15 cents per gallon will matter to your gas budget; thus, it's important to shop around first, using price comparison apps, before heading for a pump. Gas Guru or GasBuddy are some of the more popular price comparison apps, but the American Automobile Association (AAA) also has a web-based price comparison service. Waze users can also check for gas prices if they are already on the road. Consumer Federation America director Jack Gillis highly recommends price comparison apps or websites to save money.
2. Do your grocery shopping at stores that offer gas discounts.
Many wholesale stores like Walmart, Sam's Club, and Costco have been offering discounts on gas purchases even before this crisis. However, to avail of this regular service and its other discount programs, you'll need to sign up for the membership. Combined with this membership, stores like Walmart also offer additional price-off per gallon if you use their app for grocery purchases. Costco outlets typically offer lower gas prices because they source their supplies from direct providers and do not rely on a third-party middleman.
3. Consider joining rewards programs or cashback offers from credit cards.
Gas stations like Shell or Exxon have their own rewards program that allows members to collect points with each purchase. Stack up these points to use as payment when you've reached a certain number. If you prefer gas with credit cards, use those that offer cashbacks when you gas up. For instance, American Express has a credit card that offers a three percent cashback with each use. To compare the best credit cards for this purpose, check with Bankrate.
4. Pay with cash or debit cards.
Take note, however, that credit card purchases come with surcharges if you're not paying off the monthly balance in full. If it fits your budget, you could save more money by paying for gas in cash. Some stores offer gas discounts for debit card payments, so your best bet is to check around for offers where you make most of your purchases.
5. Change your motoring habits.
It might also help to change your motoring habits to conserve your gas use. For instance, you can turn off the car's air conditioner and open the windows to lower your gas mileage by 10 percent. Maintaining your car regularly will also maintain its fuel efficiency, so do that oil change and air filter replacement as often as needed. Check if your tire pressure is also accurate so the car runs smoother and won't overreach your use of gas.
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