With the average price of gasoline sanding at $4.50 per gallon heading into Memorial Day weekend, you’d think Americans won’t be backing out of the driveway anytime soon.
Think again.
According to Cars.com, 82% of Memorial Day weekend travelers will be behind the wheel, even as gasoline prices have risen 35% on a year-to-year basis.
What’s more, gasoline prices have accelerated in the past 90 days. According to new data from Insurify.com, U.S. gas prices rose 22.5% between February 16 and March 16, 2022. In March, a regular gallon of gas costs $4.31, on average, up from $3.51 just one month prior.
“Record-high gas prices aren’t scaring away as many avid road trippers this Memorial Day as one would think,” said Jenni Newman, editor-in-chief at Cars.com. “It seems many Americans are willing to pay a premium to take some time off and celebrate the holiday.”
If you’re hitting the open road this holiday weekend, but still seek to catch a price break at the pump, take heart -- there are proven ways to save money on gasoline if you play the game right. Travel experts offer these tips on saving money on gas this week.
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How To Save on Gas This Memorial Day
Fuel up midweek. Beat the crowds and save by fueling up midweek.
“Gas costs will continue to climb throughout the week and spike on Friday, so you're better off getting gas now ahead of the rush,” Andrea Woroch, a personal finance expert at AndreaWoroch.com, told TheStreet.com.
Redeem grocery rewards. Take advantage of fuel reward programs offered by popular grocery chains that allow you to redeem loyalty points for discounts at partner gas stations. “For example, Kroger’s Fuel Rewards program offers one fuel point for every dollar spent on groceries which can be used to save on gas at participating Shell stations,” Woroch said.
Play your card. Pay with cash when possible to save 10-to-15-cents per gallon.
“Otherwise, use a gas rebate card to earn more money back at the pump,” Woroch said. “You can even turn gas receipts into cashback by snapping pictures of them to Fetch Rewards, a cashback app that gives you points good towards free gift cards.”
Deliver a package on the way. Woroch also advises drivers looking for a price break to deliver a package on the way to their final destination to help cover gasoline costs.
“Sign up for Roadie, the on-the-way delivery app, to find delivery jobs nearby,” she said. “You can even find opportunities to deliver cars to different destinations through local dealerships or companies like Driveaway USA that hire drivers in all different parts of countries for various routes.”
Leverage hotels/destinations that offer gas rebates with a booked stay. Increasingly, hotels and resorts will help you fill the tank if you lodge with them.
“One example is The Georgian Lakeside Resort (in Lake George, NY) that will deduct $20-per-night off a three-night stay using the “PayMyGas” promo code at the time of booking,” Robin Magrisi, associate vice president at Finn Partners, a Suffolk, Va. Marketing firm., told TheStreet.
Keep it light. According to the American Automobile Association (AAA), removing any unnecessary items -- especially heavy ones -- from your vehicle will lead to more fuel economy.
“It takes more fuel to accelerate a heavier car, and the reduction in fuel economy is greater for small cars than for larger models,” AAA reports.
No need for upgraded fuel. AAA also notes that unless premium fuel is recommended or required by your car’s manufacturer, there’s no need to fuel your tank with it.
“Motorists should refer to their vehicle’s owner’s manual to check which type of gasoline is recommended for their engine,” AAA said.
When Will Sky-High Gas Prices Recede?
U.S. fuel consumers may have to wait a while before gasoline prices come down.
"Some states are rolling out gas tax holidays, which should provide some relief, but we're probably looking at high prices through the summer," Chris Motola, economic analyst at MerchantMaverick.com, told TheStreet. "Changes to either the supply or demand side of the equation could lower prices, for example, more production coming online and more product making its way to stations."
"Similarly, a drop in demand due to drivers cutting back on miles, using alternative transportation, or using electric vehicles could also lower prices," Motola added. "So could a recession, for better or worse."
