Gas prices could hit a new record high: Here's how to save
National average price for a gallon of regular gasoline is $4.32
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The national average price for a gallon of regular gasoline will likely break a new record Tuesday.
The current national average as of Monday is at $4.32 per gallon, which is just one cent shy from the record high of $4.33 reached on March 11, according to AAA data.
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This means "we will likely break the record this week, possibly tomorrow," AAA spokesperson Andrew Gross told FOX Business.
Prices at the pump started to slowly dip in recent weeks after hitting levels not seen in over a decade earlier this year partly due to Russia's invasion of Ukraine. Now, due to elevated oil prices coupled with strong seasonal demand, pump prices are rising again, according to Gross.
A motorist pumps gasoline at a Mobil gas station following Russia's invasion of Ukraine, in West Hollywood, Calif., Friday, Feb. 25, 2022. (AP Photo/Damian Dovarganes / AP Newsroom)
Prices are already up 13 cents per gallon compared to a week ago and up 20 cents per gallon from a month ago.
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Last week, when the national average hit $4.19, drivers were already paying $23 more to fill up compared with a year ago, according to Gross.
As gas prices rise, there are ways for drivers to cut costs. Here are some tips from GasBuddy on how to save money at the pump.
- Lighten the weight of your car
- Purchase a fuel-efficient car
- Only use the air conditioning when you need it
- Use cruise control
- Don’t idle
- Make sure your tires are properly inflated
It's also helpful to use cash-back credit cards and to join a gas station loyalty program when possible, according to GasBuddy. Companies like Walmart, for example, are offering fuel discounts.