Coping with Soaring Gas Prices

We may be used to rising gas prices as summer approaches, but numbers like $3.50 per gallon and beyond are taking a beating on our wallets. Some analysts even predict that political unrest in the Middle East, a major source of oil worldwide, could push gas prices here in the United States as high as $5 by the time we’re ready to hit the beach Memorial Day Weekend. Are you ready to change your travel plans? You might have to if these prices continue to rise!

Worse yet, skyrocketing gas prices won’t only impact your vacation plans; they’ll also affect the cost of your daily commute and other trips, as well as the transportation costs companies will be forced to pay to deliver products to your stores. And trust us – those increases will be reflected in higher prices you’ll end up paying for the same goods.

Whether gas prices hit $5 per gallon remains to be seen, but in the meantime, U.S. consumers are coughing up an average of $3.50 per gallon for regular unleaded gasoline, according to a March 6, 2011 fuel gauge report from motorist group AAA. This price was $2.74 one year ago, reflecting a 22% increase.

So if you’re already struggling to make ends meet, finding extra gas money in your limited budget won’t be easy. That said, here are some tips to help you survive these steep gas prices, and to ensure that you’re making the most of each mile you drive:

• Shop around for the best gas prices. If you live in an area where gas stations are plentiful, shop around for the best deal. There’s no reason to pay $.10 more per gallon when the station one mile down the road sells cheaper gas. But don’t drive 10 miles to save a penny – that savings doesn’t add up when you factor in the cost of driving those 10 miles. Instead, be aware of gas prices as you drive around and if you spot a low price, fuel up! Additionally, enlist the help of intelligent websites that track local gas prices. At gaspricewatch.com, for example, you can view area gas prices based on your zip code. The site also offers gas purchasing tips, including the best day and time to purchase gas, which they claim is Wednesday morning. In addition to monitoring gas prices online, see if there’s an application for your smart phone that identifies the cheapest gas in your area.
   
• Use public transportation. According to the American Public Transportation Association (APTA), riding public transportation saves individuals, on average, $9,904 annually and $825 per month based on the March 4, 2011 average national gas price of $3.47 per gallon, reported by AAA, and the national unreserved monthly parking rate. APTA reports that this is the highest savings for public transit riders in two years. Admittedly, it may take longer for you to get to your destination, but public transportation can often provide an economically efficient method for getting around. Visit APTA’s website to learn which bus, subway and other transportation services are offered in your state.
   
• Trim commuting costs. In addition to using public transportation, look for other ways to reduce commuting costs. For example, depending on your job, perhaps you could work from home full-time or even one day each week to limit all those miles driving back and forth to work. Alternatively, organize a carpool with your co-workers. As another option, see if you can change your work hours. If you use public transportation, for example, you probably pay a premium for rush-hour subway tickets or highway tolls. Working a different set of hours could decrease those costs.
   
• Condense your trips and be a smart driver. AAA reports that more than 70% of the trips consumers take are dedicated to personal/family and social/recreational events, so wherever possible, combine errands into one trip. For example, stop at the grocery store on your way home from work or your child’s soccer practice rather than going home first and making a separate trip later. Also, avoid multiple starts and stops, which waste fuel, and watch your speed. Driving 55 mph can save up to 10% on gas mileage when compared to speeds of 65 to 70 mph.
   
• Maintain your vehicle. If you don’t know how to keep you vehicle running optimally, there’s never been a better time than the present to learn. Start by keeping a regular maintenance schedule. Your vehicle’s manufacturer can provide you with a recommended service schedule if you don’t have one already. This schedule will outline when you should seek simple oil changes versus more complex tune-ups where engine parts are replaced.
   
• Check your tire pressure. Mechanics aren’t the only people who can maintain your vehicle; there are things you can do, too, beginning with maintaining adequate air pressure in your tires. Read your owner’s manual or look on your tires to identify the optimal air pressure. Then, check your tire pressure regularly and keep tires properly inflated. Failure to perform this simple task can  create a safety hazard, as well as make your vehicle up to 2% less fuel-efficient per pound of pressure below the recommended level. If you don’t know how to check your tire pressure or inflate your tires, ask your local mechanic, tire store employee or knowledgeable friend to teach you, or read this online how-to guide from the Department of Motor Vehicles.

Unfortunately, soaring gas prices are likely here to stay. So while you can’t control gas prices, you can control how you respond to them by following the tips above to improve your fuel efficiency and stretch your dollars at the pump. Whether through carpooling, using public transportation, limiting your trips, or properly maintaining your vehicle, there are things you can do to ease the financial burden associated with soaring gas prices. Be proactive now and you might still be able to take that beach vacation on Memorial Day weekend! 

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