How to save money on gas, with or without a federal gas tax holiday & More news

 

The recent run-up in gasoline prices is now being felt nearly across the board.

The national average for a gallon of gas is currently $4.94 after topping $5 per gallon for the first time ever earlier this month, according to AAA. Last year at this time, the price was $3.07 per gallon.

The increase has put a severe strain on most workers’ ability to cover their expenses and save for the future, according to a recent report by DailyPay, which polled more than 2,000 adults in May.

More from Personal Finance:
100 million adults have health-care debt
Cost to finance a new car hits a record $656 per month
How to get started building credit as a young adult

Hourly workers are having an even harder time getting by, the report found. Roughly 81% said higher gas prices have had a negative effect on their ability to pay for basic necessities.

As a result, 44% of households making less than $100,000 a year said they are saving less than last year — or not at all.

To make ends meet, 22% of hourly workers said they had to tap a payday loan, one of the most expensive ways to borrow money.

To provide some immediate relief from prices at the pump, President Joe Biden asked Congress to temporarily suspend the federal gas tax for three months. The federal tax is 18.4 cents per gallon of regular gasoline and 24.4 cents per gallon for diesel.

“Would it help? Yes, but having said that, I don’t think there’s much chance of success,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “There’s a lot of politics intertwined here.”

What’s more, if a gas tax holiday coincides with rising wholesale fuel prices, consumers won’t see much of an impact at the pump because the tax move would be offset by the higher cost, De Haan noted.

On the upside, prices have already started trending lower due to the tumbling cost of oil, which is the key ingredient in gasoline.

“We’ve already seen prices decline, which is the good news,” De Haan said. By the July 4 weekend, “I hope we’ll be somewhere five to 15 cents lower.”

Four ways to save on gas

With or without a federal gas tax holiday, there are ways to shield yourself somewhat from prices at the pump. Consumer savings expert Andrea Woroch has these four tips:

  1. Track gas prices. Apps such as GasBuddy, Gas Guru and AAA TripTik can track down the cheapest price per gallon at nearby gas stations. You may be able save up to 30 cents per gallon, depending on where you fill up. Even if the difference doesn’t seem like much, taking this approach can add up to hundreds of dollars in savings for the year.
  2. Pay with cash. The price per gallon can be 10 cents to 15 cents more per gallon for credit card transactions than cash purchases. For those who can, it’s best to pay with cash or use a cash-back credit card to earn up to 2% on the charges. CNBC’s Select has a full roundup of the best cards for fueling up based on your consumer habits.
  3. Drive strategically. Carpooling to and from work and school or sports practice can dramatically reduce your time on the road. Or use ride-sharing sites like ZimRide, RideJoy or eRideShare.com, Woroch advised. Also, order online and look for free delivery to cut the cost of getting groceries, takeout and other daily essentials.
  4. Sign up for loyalty programs. Loyalty programs, which are offered by many major gas station chains, can help offset the price at the pump. Some grocery store chains also may offer cents-per-gallon rewards. For example, Kroger and Shop & Stop give fuel points for every $1 spent on groceries, which can be redeemed at participating gas stations. 

Subscribe to CNBC on YouTube.

 

I have tried to give all kinds of news to all of you latest news today 2022 through this website and you are going to like all this news very much because all the news we always give in this news is always there. It is on trending topic and whatever the latest news was

it was always our effort to reach you that you keep getting the Electricity News, Degree News, Donate News, Bitcoin News, Trading News, Transfer News, Gaming News, Trending News, Digital Marketing, Telecom News, Beauty News, Banking News, Travel News, Health News, Claim News latest news and you always keep getting the information of news through us for free and also tell you people. Give that whatever information related to other types of news will be

made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward

All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get

all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue

to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.

All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this news, you can get other types of news along with your country and city. You will be able to get information related to, as well as you will be able to get information about what is going on around you through us for free

so that you can make yourself a knowledgeable by getting complete information about your country and state and information about news. Whatever is being given through us, I have tried to bring it to you through other websites, which you may like

very much and if you like all this news, then definitely around you. Along with the people of India, keep sharing such news necessary to your loved ones, let all the news influence them and they can move forward two steps further.

Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links

Get Original Links Here🡽

Scroll to Top