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Gas prices have been rising steadily by double digits in recent weeks around the country, and they now average $3.52 a gallon nationwide. Gas prices hit the second largest one-week increase last week of 19 cents since the U.S. Energy Information Administration (EIA) began tracking prices at the pump in 1990. The only week that had a larger increase was in September 2005 after Hurricane Katrina. However, we are still below the all-time record of $4.11 a gallon that was recorded on July 7, 2008.
One factor for this large jump is attributed to the crisis in Libya, which supplies about three percent of the oil used in the United States. The top five oil importers are Canada, Mexico, Saudi Arabia, Nigeria, and Venezuela, which account for 72 percent of the total oil imports used in America. The EIA suggests there is a 35 percent chance that the average retail price for regular gasoline could go higher than $3.50 a gallon this summer, with a 10 percent chance that it could exceed $4.00 per gallon.
This summer may not be a repeat of the summer of 2008 when gas prices rose over the $4.00 mark, but motorists do need to be prepared if it does happen. While one option is to buy a more fuel-efficient vehicle or alternative-fuel car, there are a number of ways to save money on gas on your existing vehicle.
Here are 10 tips you can do to save money at the pump:
For more on saving fuel and to find the best cars for fuel economy, see our guide. Also, check out our special section on alternative fuels to learn about fuels of the future including hybrids and electric cars such as the Chevrolet Volt and Nissan Leaf.
—Liza Barth and the Consumer Reports Auto Test Center
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