Gas prices have come down since the average cost per gallon hit $5 in 2022. But filling up can still be expensive.
Read on to learn about the recent gas price trends and five ways experts say you can save. Please note that all prices are accurate at the time of publishing.
2024 Gas Price Trends
The average cost of gas is $3.24 per gallon nationwide — down 59 cents year over year and $1.76 since the $5 per gallon peak in June 2022.
The U.S. Energy Information Administration says the drop in gas prices over the last two years is largely due to decreases in crude oil prices and increases in gasoline inventories.
The Russian invasion of Ukraine initially destabilized the crude oil, petroleum products and natural gas markets in early 2022, sharply driving up gas costs. But the average cost per gallon dropped back below $4 by August 2022 and has since fluctuated between $3 and $4.
Despite the national average, the cost you can expect will depend on where you live. For example, the average cost per gallon on the West Coast is $4.10 compared to $2.80 on the Gulf Coast.
Regional cost differences result from variations in local supply and demand, state taxes and state fuel specifications, according to the EIA.
5 Ways to Save on Gas
Although prices have come down, gas can still be a costly monthly expense. Here are five ways experts say you can save:
1. Shop Around
One way to save is to get strategic about where you buy it.
“With a bit of planning and foresight, you can potentially route to gas stations where gas prices tend to be lower — such as further away from major highways,” Renee Horne, chief marketing and customer experience officer at Chase Auto of JPMorgan Chase & Co., said in an email.
An easy way to do that is with the help of your smartphone. If you open Google Maps and search for “gas near you,” prices automatically appear on the map. You can also download free apps like GasBuddy designed to help users find cheap gas.
[Read: Best Gas Apps to Save You Money]
“The GasBuddy app will show you current gas prices in your area or along your route. This is especially helpful when driving in unfamiliar areas or on a road trip,” Andrea Woroch, consumer and money-saving expert, said in an email.
If you need to fill up at a more expensive station, not all is lost.
“Consider just topping up enough gas to safely get you to the next station where prices are hopefully more affordable,” Horne said.
2. Travel Light
Another way to trim your costs is to ensure you’re not hauling any unnecessary items around. “The more weight your car is hauling, the harder it has to work. In turn, that burns more gas,” Horne said.
“Some things are necessary, but if there’s any extra weight in the car you don’t need, remove it to boost your fuel economy. Additionally, if possible, avoid using roof storage racks as they add weight and alter the aerodynamics of your car by creating additional drag,” she added.
3. Use Highways and Interstates When Possible
If you’re someone who prefers back roads over busy freeways, it could end up costing you more money.
“Driving at consistent speeds without a lot of starting and stopping helps improve your overall fuel efficiency,” Horne said. So, consider opting for highways and interstates when it makes sense.
4. Take Advantage of Reward and Loyalty Programs
Reward and loyalty programs can also help you save money on gas.
[READ: 15 Retail Rewards and Loyalty Programs Worth Joining]
“Pay attention to which card you swipe at the pump as a gas rewards credit card will help you earn more back when fueling up. For example, the Discover It Cash Cack card gives you 5% cash back on everyday purchases at different places each quarter, including gas stations,” Woroch said.
You can also take advantage of free rewards apps.
“Take pictures of your gas receipts using a free rewards app like Fetch. You earn points, which you can redeem for gift cards to a variety of stores including Walmart and Sam’s Club,” Woroch said. She added that since both stores have gas stations, you can use the gift cards to cover future gas costs.
And don’t forget grocery store programs with fuel perks.
“Many grocery stores offer fuel points when shoppers buy certain items that are part of promotions. Often, one of the items that will earn you a large number of fuel points (sometimes 3X or even 4X fuel points) is gift cards,” says Brett Narlinger, senior vice president of global commerce at the Blackhawk Network, a payment solutions company.
With the winter holidays coming up and gift cards likely being a go-to on your list, Narlinger recommends buying them early so you can earn gas savings and avoid a last-minute scramble in December.
[READ: Gift Card Do’s and Don’ts]
5. Consider Paying in Cash
Last, it’s easy to swipe a card at the pump, but doing so may cost you.
“Did you know, the advertised price per gallon at gas stations is for cash payments? In fact, that cost goes up about 10 cents to 15 cents per gallon when paying with a debit or credit card. Carrying cash when filling up a full tank can offer a bit of savings,” Woroch said.
That said, you may want to weigh the savings of paying cash against the rewards you can earn with a gas rewards credit card.
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Gas Price Trends and 5 Ways to Save originally appeared on usnews.com
Update 09/17/24: This story was published at an earlier date and has been updated with new information.
