Biden acts to lower gas prices, but you can save money now

President Joe Biden is taking steps to fight lower gas prices, which were nearly 60% higher in October 2021 than they were the same month a year ago.

This week, he announced that the energy ministry would release 50 million barrels of oil from the country’s strategic oil reserves to increase supply.

Last month, average gas prices nationwide hit a seven-year high, according to AAA, and prices this week averaged $1.29 higher than they were this time around. a year ago.

“The fact is, right now, energy prices at the pump and at home are too high,” Energy Secretary Jennifer M. Granholm said at a news conference this week. “Low-income families already spend up to 30% of their monthly income on fuel, energy. So any price increase – for them, in particular – causes undue hardship, but it causes pressure on everyone else.”

But don’t expect gas prices to change immediately, Biden warned.

In the meantime, you can cut how much you pay at the pump. Here’s how.

Know how to find the cheapest gas stations

Apps like GasBuddy track fuel prices, which can show whether it’s best to fill up at the station near your home or workplace. And while warehouse clubs like Costco typically charge a membership fee, many have their own gas stations that offer lower prices, which alone may justify the membership fee.

Change the way you drive to increase fuel economy

Believe it or not, adjusting the way you accelerate, brake or use cruise control can an impact on how much gas is used on your trip.

To start, slow down. According to a study by car-shopping website Edmunds, slowing down to 75 from 65 mph increases fuel consumption by up to 14%.

Embrace cruise control. Edmunds found that driving at a constant speed saves up to 14% compared to constantly changing lanes, accelerating and decelerating.

And idling eats a significant amount of gas, even if you’re not moving. If you’re waiting outside school to pick up your kids, or you’ve pulled up at the end of your block to chat with a neighbor, turn off the engine. Edmunds found that excessive idling can avoid reducing fuel consumption by up to 19%.

Use the right gas credit card

In the end, it’s likely you’re paying more for gas than last year, no matter how careful you are about saving. If so, at least Maximize the rewards earned from your purchases. the best gas credit cards usually net of at least 3% back as a reward for your gas station purchases.

electric GB

You can also completely ditch gas and consider an electric car. They can be expensive, and they can be a hassle considering how often you’ll need to charge it and where you’ll be able to do it.

But they come with benefits too – no oil changes needed, access to carpool lanes in some areas, and reduced environmental guilt. Then there’s the tax benefit, too. All-electric and plug-in hybrid cars purchased new or after 2010 may qualify for a federal income tax credit of up to $7,500.

And these days, not paying for gas might feel like the biggest perk of all.

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