How to save money as gas prices smash records
The national average price for a regular gallon of gas topped an eye-popping $4 a gallon for the first time in more than a decade as fuel costs soar over Russia’s invasion of Ukraine.
According to data from popular fuel-saving app GasBuddy, the US national average set a new all-time record Monday: $4.104 a gallon, wiping out 2008’s record of $4.103 a gallon.
In a sign of the times, the GasBuddy app, overwhelmed by traffic from bargain-hunting drivers, was inaccessible off and on Monday.
“The higher prices this time will likely stay around far longer,” GasBuddy’s head of petroleum analysis Patrick De Haan tweeted.
Americans will be paying stratospheric prices at the pump for the foreseeable future, according to Jack Gillis, executive director of the Consumer Federation of America.
“Consumers need to hunker down and be prepared for months of these high prices,” Gillis told USA TODAY.
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Fill up at Costco, Sam’s Club, Walmart and Kroger’s
Wholesale club stores Costco and Sam’s Club and grocery stores such as Kroger’s offer discounted gas. Typically, you need to buy a membership or enroll in a discount program. Using the Walmart app, Walmart+ members get a 5 cents a gallon discount and access to member prices at Sam’s Club.
Pay in cash at the pump
You can save 5 to 10 cents a gallon when you pay in cash. That can add up over time, averaging about $1 in savings each time you fill up a 12-gallon tank, according to GasBuddy. But beware of gas stations that charge a surcharge for using a credit card because they may charge higher prices.
Get points, cash back from credit cards
GasBuddy says most people prefer to pay with a credit card. Less than 6% of drivers pay with cash when they fill up their tanks, a GasBuddy study found. Gas cards and gas rewards credit cards provide much larger discounts than cash.
Check to see if your credit card has any deals on gas purchases. Some will give you double points or cash back. For example, you can get 3% cash back at gas stations with the Blue Cash Preferred Card from American Express. One of the best is the Sam’s Club Mastercard will give you 5% cash back on gas, up to $6,000.
You can compare credit cards with the best gas perks at Bankrate. One caveat: credit cards that offer discounts for gas purchases might not be the best option if you don’t pay off the balance each month.
