National average gas prices have recently moved lower, but OPEC has announced cuts to oil production that could push gas prices back up again. On April 2, Saudi Arabia and other major oil producers announced cuts equal to 1.15 million barrels per day — cuts taking place from May until the end of the year, per USA Today.
These cuts are in addition to a reduction announced last October. The Saudi Energy Ministry stated that reducing its production by 500,000 barrels per day was a “precautionary measure” to stabilize the oil market. Since the announcement, CNBC reported that oil prices have jumped by 8%.
Kevin Book, managing director of Clearview Energy Partners, told AP News that production cuts alone could increase U.S. gasoline prices by 26 cents per gallon. This is in addition to the typical increase that comes during the summer.
The pressure to save on fuel is as heavy as ever, and fortunately, there are a few moves motorists can make to fill up their tanks without draining their wallets. Here are 5 ways to save on gas.
Use Apps To Find The Cheapest Gas Near You
Smartphone users should take advantage of apps that show them how much gas is going for at gas stations in their area, which can save money and, potentially, more time driving around (and less gas waste). Check out the GasBuddy and Gas Guru apps.
Map Out Your Journey Strategically
Taking the scenic route has its pleasures, particularly if one isn’t in a hurry, but in times of record-breaking prices at the pump, driving for the sake of enjoyment isn’t a savvy financial move. Instead, drivers should be aggressive in planning their routes to and from work (and other essential destinations). Use apps like Waze and Google Maps to find the most direct and fuel-efficient route.
Sign Up For Gas Rewards Programs
Consumers that prefer one gas station chain over another should exploit that loyalty by signing up for that company’s rewards program, which will give users various rewards each time they fill up their tank.
One can also find similar gas rewards programs at certain convenience stores, chain grocery stores and big-box retailers.
Some gas stations offer savings to drivers who pay in cash instead of with a credit or debit card (which may carry extra processing fees for the vendor). It’s worth a trip to the ATM to buy gallons with bills.
Use a Cashback on Gas Credit Card
If paying cash isn’t a reasonable option, definitely pay with a credit card that offers premium cashback percentages on gasoline purchases or other perks when buying gas.
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Josephine Nesbit contributed to reporting concerning this article.