Biden Acts To Cut Gas Prices, But You Can Save Money Now | Business

President Joe Biden is taking action to tackle 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 department would release 50 million barrels of oil from the country’s strategic oil reserve to increase supply.

Last month, the national gas price average hit a seven-year high, according to AAA, and prices this week were on average $ 1.29 more than they were a year ago.

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

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

In the meantime, you can reduce the amount you pay at the pump. Here’s how.

Know how to find cheaper gas stations

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

Change the way you drive to increase fuel economy

Believe it or not, adjusting the way you accelerate, brake, or use cruise control can impact the amount of gasoline used during your trip.

For starters, slow down. According to a study from the car buying site Edmunds, slowing down from 75 to 65 mph increased fuel economy by up to 14%.

Adopt cruise control. Edmunds found that driving at a constant speed can save up to 14% compared to constant lane changes, acceleration and deceleration.

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

Use the right credit card for gasoline

At the end of the day, you’re likely to pay more for gasoline this year than last year, no matter how careful you are with the economy. If so, at least maximize the rewards you get from your purchases. The best gasoline credit cards usually earn 3% or more in rewards for your gas station purchases.

Go electric

You can also ditch gasoline altogether and consider an electric car. They can be expensive, and they can be a problem if you consider how often you’ll need to charge it and figure out where you can do it.

But they also have advantages: no oil changes required, access to carpooling lanes in some areas, and reduced environmental guilt. Then there is also the tax benefit. All-electric and plug-in hybrid cars purchased new in 2010 or later may be eligible for a federal income tax credit of up to $ 7,500.

And nowadays, not paying for gasoline can seem like everyone’s biggest benefit.

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