Click here to learn more about our financial professionals by visiting FINRA's BrokerCheck.

Are Raising Gas Prices Wringing Out Your Wallet?

Are Raising Gas Prices Wringing Out Your Wallet?

| June 27, 2018

Are raising gas prices wringing out your wallet?

Travel and vacation season has FINALLY arrived and before we can hit the road we have to make a stop at our local petro station to grab a handful of snacks and most importantly fill up our gas tanks. With all of the concern over inflation recently, nowhere do rising prices hit closer to home than at the gas pump (unless you’re driving a Tesla of course). While gas prices typically surge every spring due to increased driving demand, the current average is 58.8 cents more per gallon than one year ago. Last year, consumers paid roughly $2.28 per gallon.

Let’s grab these current price hikes by the horns though and take into consideration some of these fuel saving tips from AAA to make sure we get the most fuel for our buck.

►Slow down. The faster you drive the more fuel you use. Every 5 mph over 50 mph is like paying an additional $0.18 per gallon, according to the Department of Energy.

►Share work or school rides by carpooling or consider public transportation.

►Do not use your trunk for storage. The heavier your car, the more fuel it uses.

►Combine errands. If possible, park in a central spot and walk from place to place.

►Choose a smaller, fuel efficient car for longer trips

►Hike or bike. You’ll burn less gas and more calories

►Work from home, if possible

Tips to improve your driving to get better gas mileage:

►Accelerate gradually. Avoid jackrabbit starts.

►Anticipate your stops. When approaching a red light, let your foot off the gas as early as possible.

►In summer, drive during cooler parts of the day. Cooler, denser air can boost power and mileage.

►Avoid long warm-ups in the morning. They’re unnecessary and waste fuel.

►Use air conditioning. Today’s air conditioners create less drag on the engine than driving with the windows open.

►Maintain recommended tire pressure. Low pressure reduces fuel economy and can damage tires.

►Keep the air filter clean. Clogged filters reduce fuel economy and increase exhaust emissions.

Even if you can pick out a handful of these suggested tips, you will more than likely be adding cash back into your wallet. The savings may not conquer an early retirement, but every penny adds up and could add up rapidly depending on how much traveling you do.

Everyone from Investment Management Associates wants to wish you and your family a fun and safe travel season!