Gas prices have gone up more than a $1 a gallon since last June, when I wrote this article about rising gas prices. Prices are up almost $2.25 in the last 18 months (+107%), according to GasBuddy.com tracking. Yikes.
Last June, I estimated that each $1/gallon fuel rise was costing me an additional $1.7k/year, so now I guess we are more than double that … about $3.8K/year, or $74/week.
I’m shocked to see how much that is, although gas prices were pretty historically low before the 2020 Presidential Election, due to the pandemic and other factors …
I looked at a few articles to see what advice they had to cut your fuel costs. Here are the big three ideas I saw mentioned …
⁃ SHOP AROUND – Find a discount station, like Costco or Sam’s
⁃ SMALLER CAR – My best fuel economy is in my Jeep
⁃ DRIVE LESS – I could do a little of that, I average 24K miles a year
Costco gas is about 5% cheaper than my usual station (20 cents/gallon) and my Jeep is 13% more fuel efficient than my SUV. Combined, that lowers my costs by about 18%. That’s less than a fifth of the 107% gas prices have risen.
(I’m going to leave out the option of buying a smaller car or EV right now, since car prices have also dramatically risen. I definitely will be looking at an EV for my next ‘daily driver’. Of the choices today, I’d get a Tesla Model Y.)
That leaves ‘driving less’ as my last option. It looks like I would have to cut my driving almost 90% to get my overall costs back to October 2020 prices. That’s never going to happen for me, or anyone else.
I guess I’ll just grin and bear it, being happy that I can afford the added expense. How painful for families / individuals that rely on their car for work and kids activities. I’m sure these gas prices will make a big dent in their weekly household budget.
Are you going to do anything differently as a result of the latest round of gas price increases?
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