After gas prices skyrocketed in summer, they have been on the downswing in the past couple months.
According to AAA’s Fuel Gauge Report, the national average prices for a gallon of unleaded gas on February 3 was $3.44. This was a 3 cent decline from the previous week and 36 cents cheaper than a month ago. Gas prices have been coming back down, but they have been at record highs for each calendar day for about three months. A month ago, the national average broke the all-time high by 30 cents.
Since its peak on January 14, the national average has fallen 43 cents as a result of lower crude oil prices, reduced demand and economic growth concerns. All 50 states had a price lower on February 3 than in mid-January, but nine states, including New Jersey and New York, have seen prices increase in the past week. For these two states, the price bump could have been a direct result of Hurricane Sandy.
The state with the highest decline since the January 14 peak was Minnesota, with a national average of $3.27, which is 69 cents lower than two months ago. Missouri, Illinois, Kansas and Oklahoma all had decreases of 60 cents or greater as well.
Save On Fuel
Despite falling gas prices, many American families are struggling to make ends meet. In some instances, they have been forced to dip into their emergency funds to cover some of their expenses. In order to prevent this, people should look for ways to save on gas.
1. Drive The Speed Limit – Although you may feel like you are getting somewhere faster by driving over the speed limit, you could be costing yourself gas mileage. Bo Saulsbury, researcher at the Department of Energy’s National Transportation Research Center, told Forbes that gas mileage decreases when you drive faster than 55 miles per hour. Each five mph you drive over 55, it is like you are paying an extra quarter for a gallon of gas, he added.
2. Limit The Weight In Your Car – Brian West, NTRC researcher, told the news source that having extra weight in your car lowers your gas mileage. Having an extra 100 pounds can reduce fuel economy by up to 2 percent. By removing extra items from your trunk and other areas of your car, you could save yourself some money on gas.