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Gas prices are approaching historical records. Here’s how to protect yourself

With gasoline prices hitting a 14-year high, it’s hard to imagine paying even more at the gas station. But prices are only going up.

The national average per gallon of gasoline hit $4,009 on Sunday, the highest since July 2008, according to AAA data.

Increasing demand while shrinking supply quickly pushes prices up at gas stations, according to the automotive group.

With recent growth, consumers are now paying 40 cents more than they did a week ago.

“A few words to describe the unprecedented increase in gasoline prices over the past week, with gasoline and diesel prices soaring from coast to coast as oil prices jumped to their highest level since 2008,” said Patrick De Haan, head of oil company. Analysis in GasBuddy.

“Forget $4 a gallon, the country will soon set a new all-time high and we can get closer to the $4.50 average,” he said. According to GasBuddy, the average price of gasoline is likely to set a new historical record. during the day.

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The worst may be yet to come AAA also saidas Russia’s war with Ukraine raises fears of serious supply shortages.

According to the US Energy Information Administration, more than 50% of the cost of gasoline depends on the price of oil.

Depending on where you live, prices can already be wild. In Michigan, Indiana, Illinois and Ohio, gas prices jumped 30 cents or more in about a week, according to AAA.

California averaged $5,343 as of Monday morning, De Haan said, but some stations charge $6 or more.

“We have never been in a situation like this before, with this level of uncertainty,” he said.

How to save on gas

Now nearly 9 out of 10 car owners are worried they can afford gas AutoInsurance.com.

To protect yourself from a surge in gas station prices, consumer savings expert Andrea Vorokh offers the following advice:

Track gas prices. Apps like GasBuddy, Gas Guru, and AAA TripTik can track the lowest price per gallon between gas prices.

Even if the difference doesn’t seem big, it can still be hundreds of dollars a year.

Cash payment. The price per gallon can be 10-15 cents more per gallon for credit card transactions. Instead, pay cash to get a lower price, or use a gas reward credit card to get a refund on those expenses.

(Select CNBC has a full roundup of the best fueling cards based on your consumption habits.)

Move strategically. Traveling to and from work and school, or to and from sports training, can significantly reduce your travel time. You can even find promotions on sites like ZimRide, RideJoy, or eRideShare.com.

Also, order online and look for free shipping to cut down on groceries, takeaways, and other essentials.

Sign up for loyalty programs. In addition, the loyalty programs that many large gas station chains have can help offset the price at the gas station.

Some grocery store chains may also offer cents per gallon rewards. For example, Kroger and Shop & Stop give fuel points for every dollar spent on products that can be exchanged at participating gas stations.

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