How Much Is Gas Going To Cost You?
Andrew Dehan4-Minute Read
July 18, 2022
Promotional sales are great – but not everything goes on sale. In fact, some products or services only increase in price over the years. One such example is gasoline. Aside from incentives like Speedway’s Speedy Reward Cards, you never see commercials for gas going on sale. In fact, it’s becoming more and more expensive to travel from Point A to Point B, which is why more people are weighing the benefits and costs of electric cars.
In this article, we’ll discuss the varying rates at which we fill up our vehicles, helping you to identify what you’re spending on gas and how you might be able to cut those costs.
What Is The Average Cost Of Gas?
According to AAA, the average price people are paying for regular gas at the time of this writing is $4.52 a gallon – but the price per gallon is even steeper for other higher grades of gas, such as premium or diesel. The high price of your gas today is determined by price of crude oil, taxes, and distribution.
How Much Does It Cost To Fill Up Based On Your Vehicle?
The prices consumers pay at gas stations to fill their tanks can vary depending on their vehicle type, which is why it’s essential to understand national averages. Let’s dive into what price you can expect at the pump based on the number of gallons your car can hold.
The amount of gas a car holds depends on the vehicle’s size. Smaller cars generally have gas tanks that hold 12 gallons, while larger cars can hold 15 or 16 gallons. Let’s say gas in your area costs $3.85 a gallon; that means a car with a 12-gallon tank costs $46.20 to fill up, while a larger car with a 15-gallon tank costs $57.75. Depending on your commute to work and how far you drive for other purposes, the amount you spend at the pump can put a significant dent in your wallet. If you fill up once a week (and that’s a low-end estimate for some), the amount you spend can vary. Over the course of a year, you’ll spend approximately $2,400 with a 12-gallon tank when filling it weekly, and a 15-gallon tank will run closer to $3,000.
Much like cars, the size of the gas tank in a truck depends on the size of the truck. Let’s say the tank holds 25 gallons. To fill it up, you’re looking at just under $100. Over the course of a year, you’ll spend well over $5,000. Keep in mind these numbers are based on filling up only once a week. The numbers also don’t account for vacation trips or other long commutes that you’re more than likely to experience throughout a year.
Motorcycle tanks come in all different sizes. Some can be as little as a 2-gallon tank, while others can be as big as 8 gallons. Let’s say your bike holds 5 gallons. You’ll spend approximately $20 for each fill-up. Over the course of a year, your total comes out to just over $1,000. If your main objective is to save money at the pump, a motorcycle is one way to go (weather permitting).
Why Is Gas Going Up?
As we’ve mentioned, there are a few factors that determine how much you’ll pay at the pump – but to understand high gasoline prices, you first need to understand the cost of crude oil. It’s common knowledge that oil is a necessity, and because of that, its price is determined in large part by supply and demand.
In other words, when the industry has more oil than is needed, the price of gas drops, but rises when the demand is high and supply doesn’t keep pace with the amount consumers buy. Ultimately, any change can influence prices globally.
How To Save Money At The Pump: 4 Simple Tips
Even though prices continue to rise, there are a few ways to save money on fuel costs. Let’s go through some simple techniques you can start using today.
- Look around and compare gas prices. You can start by driving around your area to find more affordable gas prices – or if you know that prices are already high (or you’re low on gas), you can download an app that helps you find the lowest prices in your area. Some popular apps are GasBuddy and Waze.
- Combine your errands. Instead of making several short trips, plan your chores accordingly, so you get everything you need in one trip if possible.
- Join gas rewards programs and then use the cashback rewards you earn. Sign up for a rewards program to earn discounts on gas or receive rewards by making specific purchases. When you use your cashback rewards, you can get money every time you fill up your tank, then use that money toward fuel.
- Avoid filling up your tank on the weekends. The earlier in the week you go to the gas station, the cheaper it’ll be to fill up. According to GasBuddy, Monday is usually the least expensive day of the week to get gas, whereas the weekend usually has higher prices. We recommend that you avoid filling up your tank on Friday, Saturday and Sunday, if possible.
The Bottom Line
It’s important to remember that the numbers discussed in this article can vary widely depending on several factors, including how much you drive and how many miles a year per gallon your vehicle gets.
Looking to save gas and move closer to your workplace? Learn about budgeting and allocating monthly costs for fuel today!
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