According to AAA’s Daily Fuel Gauge report, Gas averages jumped across the nation last night. Just yesterday, one gallon of regular gas was $3.228, and now is at $3.287.
Oil prices have been on the rise ever since unrest has been brewing in the Middle East. Currently, Libya is facing violent political uprises against the 41-year rule of Muammar Gaddafi. At this point, the future of Libya is difficult to predict, but if oil prices continue to rise, the fate of the American economy is clear.
Higher Oil Prices, Weaker Economy
If oil continues to rise in this fashion, the economic recovery will snap under pressure. In just the past week and a half the price per barrel of oil has jumped 18% percent. This spike is attributed to the diminished communication and availability of Libyan major oil export terminals, some tacker captains are plainly refusing to go.
Regular Mid Premium Diesel 85 **E85 MPG/BTU adjusted price
Current $3.287 $3.404 $3.534 $3.635 $3.789 $3.670
Yesterday $3.228 $3.354 $3.485 $3.595 $3.774 $3.651
Week Ago $3.156 $3.287 $3.417 $3.548 $3.741 $3.607
Month Ago $3.106 $3.299 $3.417 $3.425 $2.660 $3.501
Year Ago $2.693 $2.859 $2.963 $2.867 $2.330 $3.066
Every 1$ increase on gas cuts into consumer spending by a little over a billion dollars annually, a fact worrying many individuals.
How to Cut Back on Gasoline Emmision
With the uncertain outcome of the riots in the Middle East it is more important than ever to monitor how you utilize gasoline. Here are a few quick tips to reduce your gas consumption:
- Minimize Car Use: This is not only the most common tip, but a no brainer. If you can carpool, walk, bike or take public transit, DO IT. You will not only end up saving yourself tons of money, but you will also be helping out the environment.
- Turn it Off: Whenever you can shut off your car. It takes about 10 seconds of idol time to fuel a car startup. So if you know that your friend or significant other is going to spend more than 10 seconds in the grocery store, then just shut off the car. When you are waiting on a long train, or light you can do the same. Just make sure to be safe about when you choose to shut off your car, high traffic times may not be worth the effort.
- Pay Attention: The more you avoid hitting the breaks or speeding up just to slow down, the more gas you burn. Steady driving and acceleration can do wonders for your gas mileage.
- Think Light Thoughts: The less junk and weight in your car, the easier it is for your car to operate. Cars carrying a lot of weight end up spending more fuel per mile, that light and aerodynamic cars.
You can also look into Credit Cards that offer cash back for gas purchases, this way you are at least making some money when you are spending. Bank of America® currently has a promotion like this going on for their BankAmericard.