Indianapolis, Indiana – The majority of Americans are paying at least 20 cents more at the pump this month as gas prices are once again on the rise countrywide.
Triple AAA reports that the national average for a gallon of gas is $3.65. That figure is significantly higher in Indiana, at $3.72.
With an average price of just over $4 per gallon, prices are still lower than they were at this time last year, but that hasn’t stopped locals like Tavon Anderson from being frustrated.
“Gas prices are getting on my nerves,” he said. “To me, it seems like I won’t drive every day if gas goes up that high. Just the commute back and forth to work is almost $80 a week.”
There are several causes for this spike, according to experts with GasBuddy.
One has to do with gas stations switching from an environmentally friendly winter mix to a summer blend gasoline. This is more expensive and is needed by the US Environmental Protection Agency (EPA).
An unbalanced relationship between supply and demand is a further explanation.
“The transition to summer gasoline is basically done but it is coming up at the same time when demand continues to go up for gasoline,” Patrick De Haan, the head of petroleum analysis at GasBuddy, said. “Americans are going outside. The weather is terrific and demand pushes gas prices up.”
According to De Haan, prices will likely peak between mid-May and mid-June before starting to decline again. He is hoping that costs won’t rise to record levels like they did last summer.
“We could get close to or surpass $4.00 per gallon but I’m hopeful if we do, it will likely be temporary,” he said.
It’s about what you do in your daily life that can truly help you save, according to experts, if you’re wanting to save before getting behind the wheel for your next road trip.
This includes establishing a detailed budget plan and anticipating needs.
“If you are a person who hasn’t been doing a lot with coupons and comparison shopping and things like that, just see if there are some of your everyday expenses you can lower and start saving all of those,” said Andy Mattingly, the chief operating officer at Forum Credit Union. “See what you save and transition that into your vacation fund so you can start building up a little bit of money.
Shop around as another way to save a lot of money. Never fill up at the first gas station you come across. Additionally, many gas stations provide loyalty programs.
“Every 10 cents make a difference,” Mattingly said.
And for those like Anderson, remembering this financial advice can significantly impact their next gas purchase!
