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How to save on record-high gas prices

Gas pump
Posted at 6:08 AM, May 12, 2022
and last updated 2022-05-12 07:08:03-04

TULSA, Okla. — Much of the country is feeling the stresses of record-high inflation and rising gas prices. Some experts say we could see $5-dollars at some point this summer.

Higher prices come as the European Union moves closer to sanctions against Russia, which includes a ban on buying Russian oil.

Here in Oklahoma, prices are slightly lower than in other parts of the country, but as we creep closer to $4 a gallon, many are concerned as we enter peak travel season.

Last month, Pres. Biden announced that the Environmental Protection Agency will allow the sale of E-15 gasoline, which uses a 15% ethanol blend, across the country this summer.

He has also moved to release 1 million barrels of oil per day from the strategic petroleum reserve for the next 6 months as well as calling on Congress to make companies pay fees on idled oil wells and non-producing acres of federal lands, aiming to incentivize new production.

According to AAA, the national average for regular gas hit a record high of $4.40. That's up $1.40 since a year ago.

If you're determined to keep your travel plans, we have four ways you can save:

  1. Experts with Gas Buddy recommend staying closer to home to avoid long drives.
  2. Shop around! Avoid stations off major highways and use apps to find the cheapest gas near you.
  3. Take advantage of discounts. Gas Buddy recommends using a rebate credit card or joining a loyalty program.
  4. Pay in cash.

Experts also say slowing down even just a few miles an hour on the interstate can increase your fuel efficiency anywhere from 5 to 20%.

Is there relief in sight? Economists say it depends on Russia's invasion of Ukraine.

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