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Over the past few weeks, Americans have been saddled with higher prices for filling up their tanks at gas stations. Gasoline prices hit a record high of $4.52 a gallon on May 15, according to AAA. In states like California, the average price of a gallon of gas is even higher, more than $6.
So why are gas prices skyrocketing? There are two key factors driving gas prices up: the war in Ukraine and the drop in oil production during the pandemic.
Shortly after Russia invaded Ukraine in February, the Biden administration imposed sanctions on Russian oil in March, shutting down imports of oil, natural gas and coal from the country. Although Russian oil accounts for only a small part of US gas imports, the conflict in Ukraine and the US decision to ban oil imports have sent gas prices on the global market soaring. According to an analysis by NBC News, the US imports about 8% of its oil from Russia.
Moreover, during the pandemic, oil suppliers reduced production to meet the reduced demand for gas. However, as lockdowns eased and people started to travel more, demand for gasoline increased and oil companies could not keep up with the increased demand, driving up global gas prices. increase.
With gas prices currently at their peak, consumers can feel the impact of gas prices on their wallets. Below, Select will look at some of the ways that consumers can save money on gas.
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How to save money on gas
Use a gas reward credit card
You might consider using a credit card to cover the cost of gas at the pump. Cards that offer great rewards on gas purchases often allow you to earn up to 5x points or 5% cashback on gas purchases.
Select has rated the PenFed Platinum Rewards Visa Signature® Card as the best gas rewards credit card. The PenFed Platinum Rewards card offers 5X points for gas at pump stations and electric vehicle charging stations and has no annual fees. To become a cardholder, you must be a member of the PenFed Credit Union which requires an initial deposit of $5.
PenFed Platinum Rewards Visa Signature® Card
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Reward
5X points for gas purchases at pumping stations and electric vehicle charging stations, 3X points for purchases at supermarkets, 1X points for all other purchases
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Welcome Bonus
15,000 points when you spend $1,500 in the first 3 months from account opening
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Annual fee
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Promotional APR
Promotional balance transfer rate 0% for 12 months when transferring between now and September 30, 2022.*
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Regular APR
14.49% to 17.99% change in purchase; 17.99% unchanged on balance transfer
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Balance transfer fee
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Foreign transaction fees
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Credit needed
* After the promotional balance transfer period, the APR for the outstanding balance and any new balance transfers will be 17.99%. A 3% balance transfer fee is applied to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay your account balance in full, including wire transfers. balance, in full each month prior to the payment due date.
The Citi Custom Cash℠ card is another good option for those who plan to spend a lot on their gas purchases. Cardholders don’t have to worry about manually activating spending categories. Instead, Citi will automatically determine your highest spending category (including gas) for the billing cycle and apply a 5% cashback on purchases worth up to $500 within that directory. If you’re a big spender on gas, you can earn up to $25 back per billing cycle.
Citi Cash Card℠
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Reward
5% cashback on top eligible spend category purchases per billing cycle, up to the first $500 spent (then 1%); Unlimited 1% Cashback on All Other Purchases
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Welcome Bonus
Earn $200 in cash after spending $750 on purchases in the first 3 months of account opening. The bonus offer to be made is 20,000 ThankYou® Points, redeemable for $200 cash back.
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Annual fee
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Introductory APR
0% APR on transfers and purchases in the first 15 months
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Regular APR
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Balance transfer fee
5% of each balance transfer (minimum $5)
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Foreign transaction fees
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Credit needed
If you’re looking for a card that doesn’t require a credit union membership, you can choose the Blue Cash Preferred® Card from American Express, which offers 3% cashback at U.S. gas stations and credits. Use your $350 statement after you spend $3,000. purchase within the first 6 months.
The Blue Cash Preferred has a slightly lower rewards rate than the PenFed Platinum, but consumers will get a high reward rate in other categories: 6% cashback at US supermarkets on purchases up to 6,000 dollars per year (then 1%) and 3% cashback on public transit including taxis/carpooling, parking, tolls, trains, buses and more.
Blue Cash Preferred® Card from American Express
On American Express secure site
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Reward
6% cashback at US supermarkets on purchases up to $6,000 per year (then 1%), 6% cashback on US online registration, 3% cashback at US gas stations States, 3% cashback on transportation including taxi/carpooling, parking, tolls, trains, buses, etc and 1% cashback on other purchases. Cashback is received in the form of Reward Dollars which can be redeemed as statement credit.
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Welcome Bonus
Earn a $350 statement credit after you spend $3,000 on purchases on your new card within the first 6 months.
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Annual fee
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Introductory APR
0% for 12 months on purchases from the date of account opening; Not applicable to balance transfer
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Regular APR
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Balance transfer fee
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Foreign transaction fees
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Credit needed
The PNC Cash Rewards® Visa® is a good choice for cardholders looking for a card with no annual fees. The PNC Cash Rewards card offers 4% cashback at the gas station, 3% cashback on dining, and 2% cashback at the grocery store, for the first $8,000 in combined purchases in these categories each year.
PNC Cash Rewards® Visa®
Information about PNC Cash Rewards® Visa® has been independently collected by Select and has not been reviewed or provided by the card issuer prior to publication.
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Reward
4% cashback at the gas station, 3% cashback on dining and 2% cashback at the grocery store, for the first $8,000 in combined purchases in these categories annually, 1 cashback % on all other purchases
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Welcome Bonus
$100 bonus after you make a purchase of $1,000 or more in the first 3 billing cycles after account opening
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Annual fee
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Introductory APR
0% for the first 12 billing cycles when transferring balance
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Regular APR
14.49% to 24.49% variable
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Balance transfer fee
3%, $5 min, within the first 90 days of account opening, then 4%, $5 min
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Foreign transaction fees
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Credit needed
Use the app to find the cheapest gas and discounts
Apps like Gas Buddy and AAA (both available in the Apple App Store and Google Play Store) can help you hunt down the cheapest gas prices near you.
With Gas Buddy, the app uses your location and shows you the price of a gallon of gas at stations near you. However, you shouldn’t travel too far for cheaper gas because the cost of driving there can erase the money you save.
Gas buddy also offers the GasBuddy Pay Card, a rewards card that offers cardholders up to $0.25 per gallon off. Pay with GasBuddy no credit card, no credit check required and free to join.
Get Upside has an app that will help you find the cheapest gas stations in addition to an extra discount on gas. Get Upside is a discount app, so users fill up their gas tank, pay with a credit or debit card, then upload their receipt to the app to earn cashback.
Join the gas loyalty program
If you find yourself frequently visiting a particular gas station chain, you may want to join a gas station loyalty program to earn rewards for your frequent gas refills. Companies like BP, Shell, and ExxonMobil all offer their own rewards programs.
BPme by BP is free to join and users get $0.05 off every gallon of gas they buy from a BP gas station during their first month of membership. After that, if the user spends a minimum of $100 a month at BP, they will continue to get $0.05 off per gallon. Users can then redeem their points for things like gift cards, bottles of wine, or theme park attractions.
ExxonMobil Rewards+ is also free to join. Users get $0.03 back for every gallon of gas they buy at ExxonMobil gas stations and can then redeem the points for future gas purchases at ExxonMobil gas stations.
Do not use high-grade gas
If you’ve opted for premium gasoline over regular gasoline even though your car doesn’t technically need it, you may not need to spend the extra money. Premium gas has a higher octane rating than regular gas.
Your car’s owner’s manual should state whether your car requires premium or optional gasoline. If you are using lower octane gas in a car that requires premium gas, the vehicle’s engine may perform worse than if you were using higher octane gas. However, if your car doesn’t require premium gasoline, you probably won’t get any additional benefits.
“Notable difference [between premium and regular gas] is the price. If regular gasoline is recommended for your vehicle, that’s all you need. Choose paid [gas] Andrew Gross, Public Relations Manager at AAA, says when your car doesn’t claim it, it will only cost you money and not improve fuel economy.
Don’t drive too fast or be an aggressive driver
While driving on the highway, you may want to consider slowing down because driving above 50 mph can reduce fuel efficiency. According to a 2013 US government study, you can assume that for every 5 mph you drive over 50 mph, you’ll pay $0.30 more per gallon of gas than if you are driving at 50 mph.
Of course, while driving at a slower speed can save you money, it can increase the length of your trip, so consider how long you’ll have to drive if you’re flying. at 50 mph over the highway speed limit.
In addition, rapid acceleration and sharp braking can reduce fuel efficiency. Using cruise control can help improve fuel efficiency.
“The harder your engine works, the more gas it takes. Acceleration and high-speed driving make your engine work hard,” said Jack Gillis, chief executive officer of the American Federation of Consumers. more, and so it sucks in more gasoline.” .
Key point
While it’s not clear how long the high gas prices will last, getting a gas rewards credit card, signing up for a gas loyalty program, hunting for cheap gas, and adjusting your driving can all help you save money. Save dollars on refilling the tank.
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For Blue Cash Preferred® Card rates and fees, click here.
Editing notes: The opinions, analysis, evaluation or recommendations presented in this article are the sole opinions of the Select editor and have not been reviewed, approved or endorsed by any third party.
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