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