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President Joe Biden steps in to cool overheated gas prices.
The the national average price of gas is $ 3.39 per gallon, according to the US Energy Information Administration almost $ 1.30 more than at the same time last year.
To help manage this, Biden announced that the Energy Department will release 50 million barrels of oil from the Strategic Oil Reserve in an effort to increase supply and lower prices.
Hes also asked the Federal Trade Commission to investigate whether the oil and gas markets engage in anti-competitive practices that prevent consumers from seeing gas prices drop at the pump.
The additional barrels are expected to hit the market in mid-December. If you need help dealing with rising gas prices in the meantime, there are ways to save money.
How to save money on gasoline
Here are 4 tips for saving money while refueling:
- Use gas apps to find cheap gas near you. There are a handful of useful apps that will show you nearby gas stations and real-time gas prices. GasBuddy, for example, allows users to update nearby gas prices and lets you search by current location, zip code, or city. GasBuddy also offers a free reward card for users that offers discounts on gasoline. The card is directly linked to a current account and is sent by post. Swipe the rewards card and this gas pump can save users up to 25 cents per gallon at the pump, according to the GasBuddys website. GasBuddy makes money by selling likes and dislikes of customer data to station operators, according to USA Today.
- Sign up for gas rewards programs. Those with a preferred gas station chain can benefit from signing up for its rewards program. These programs reward loyal customers by offering them discounts every time they refuel. Exxon Mobil + Rewards rewards three points per gallon on fuel and two points for every dollar spent at convenience stores and car washes. Each 100 points redeemed will provide $ 1 reduction on your purchase; a maximum of 5,000 points redeemed at one time, for a total of $ 50 in savings.
- Take advantage of grocery store rewards programs. Many grocery chains have loyalty programs that offer rewards for gasoline. The Krogers Fuel Point Program provides one fuel point for every dollar spent at Kroger stores. Buying gasoline at Kroger gas stations offers the best trade-in value of up to 1,000 fuel points for $ 1 off per gallon; at participating Shell stations, 100 points can be redeemed for 10 cents per gallon. There is no limit to the number of Fuel Points that can be earned each month, but they expire on the last day of the month after being earned, so be sure to use them each month to maximize your cash back.
- Buy gasoline with a cash back credit card. Responsible use of the credit card can also be rewarded at the gas pump. Some credit cards have specific expense categories with high percentage cash back rewards, including gasoline. Make sure you pay off your credit card balance in full each month to avoid additional charges to cover interest. Check out our picks for the best gasoline credit cards in October 2021.
Why are gas prices so high?
The high demand for crude oil and the low supply of it are pushing gas prices up.
Crude oil, the natural resource used to produce gasoline and diesel fuel, has seen dramatic changes in its supply throughout the pandemic. When Covid-19 first hit the world and fewer people were on the roads, the big oil companies cut back on their oil production.
Now, with the restrictions lifted and more people heading to the gas pump, there is not enough supply to meet demand. OPEC + members were expected to reach an agreement in October to produce more barrels, but instead chose to maintain current production rates.
Bidens’ decision to release millions of barrels of reserve is coordinated with other major energy-consuming countries, including the UK and China, hopes it will put pressure on OPEC + to finally increase energy. offer.
However, gas prices were already turbulent before OPEC’s reluctance to increase production. In April, the Colonial Pipeline, the country’s largest pipeline, was the target of a cyberattack that forced it to go offline for six days. The shutdown led to gas shortages nationwide and pushed average prices above $ 3 before Memorial Day when they were set to rise.
A breach and spill in a key pipeline that supplies fuel to the southeast occurred on October 1, and repairs were slowed by heavy rains and flooding.
The combined consequences of these scenarios mean that states across the country are seeing gas prices rise. The average price of gas per gallon in California is $ 4.70, and Nevada currently sits at $ 3.97.
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