Personal Finance

Finance: NerdWallet shares tips to save on increasing gas prices

SAN FRANCISCO, Ca (BRPROUD)- Personal finance company, NerdWallet, and finance expert Sally French releases tips on how consumers can save on gas costs entering into the winter season.

The news comes after President Biden announced last week his efforts to combat the high rising gas costs across the country— by ordering a record of 50 barrels of oil released from America’s strategic reserve.

“Gas prices are still hovering near seven-year highs. The U.S. government has announced some plans to help ease high prices, including releasing 50 million barrels of oil, which amounts to roughly a 3-day supply for the U.S. While that might help a bit, don’t expect that to cause prices to drop immediately,” said French in the release.

“Luckily, there are changes you can make now to reduce gas prices. More relaxed driving — that is not rapidly accelerating and braking, can save up to 14% vs drivers who do. Apps like GasBuddy can help you find the cheapest gas stations in your area. And maybe this is the year you finally consider an electric car, she added.”

NerdWallet’s Tips for ‘Saving on Gas,’ in reference to the release;

  • Look for cheaper gas stations. Apps like GasBuddy track local gas prices, so you can find stations with lower prices. Most warehouse clubs like Costco require memberships, but they may also offer lower prices at their own gas stations.
  • Change your driving habits. Studies from the car-shopping website Edmunds have shown that driving at slower and consistent speeds, or avoiding excessive idling, can cut down your fuel use.
  • Take advantage of credit card rewards. Some credit cards offer additional rewards (i.e. cash back) on money spent at gas stations.
  • Consider going electric. Electric cars can be expensive, and consumers will have to consider where and how often they’ll be able to charge it, but they do come with some financial benefits. In addition to saving on gas costs, all-electric and plug-in hybrid cars purchased new in 2010 or later may be eligible for a federal income tax credit of up to $7,500.

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