Drivers across the region say they are feeling the impact every time they stop at the pump.
- Rising gas prices are forcing many people to rethink their budgets as the cost to fill up continues to climb. Drivers across the region say they are feeling the impact every time they stop at the pump.
For some, the increase has nearly doubled what they used to pay for a tank of gas. “It’s like, it’s about 13 gallons, almost 13 and a half. And usually it was $25 to fill up, and now it’s $46. That’s crazy,” said Rebekah Wright, a student and worker. Even with apps designed to help drivers find the cheapest gas in town, many are still paying significantly more than they were a year ago. Financial experts say when gas prices rise, the impact often shows up in other areas of a household budget. Ed Cox, president and founder of Magnolia Wealth and Management, said people should start by looking at everyday spending habits that often go unnoticed. “Some of the things that we recommend are looking at the small expenditures that people just really don’t think about when things are going really good,” Cox said. “You know, it’s the stop by and get the coffee in the morning, bring your lunch to work, maybe don’t go out to eat as much.” Right now, the national average for gas is nearing $3.72 per gallon — the highest it has been in years. One major reason behind the increase is the cost of crude oil. Crude oil prices have surged past $90 a barrel for the first time in years. Because crude oil accounts for more than half of the price drivers pay at the pump, increases in oil prices quickly translate into higher gas prices. For many families already dealing with higher grocery costs and other expenses, the added cost of fuel is forcing difficult decisions. “It’s like I’m having to cut out on groceries, which are already super expensive,” Wright said. “Like, hello, they’re already crazy expensive and high in the grocery store, and I’m having to put that towards gas.” Experts say when budgets are stretched thin, every additional dollar spent on fuel means less money available for groceries, bills or other daily needs.“If things are really, really tight, you’ve really got to look at every way you can cut costs, whether it is carpooling or making sure when you go to work or come back from work that you’re doing all of the extra stuff that you do and try to catch it on the way home or catch it on the way to work,” Cox said.“What I recommend is look at your last six months and what did you average out every month spending,” Cox said. “Take that and then look through those numbers on a monthly basis to see , ‘Where can I pull from? Where can I pull from for lunch or dinner or the little small things?’ is really where people have to look.” Analysts say gas prices could remain elevated through the fall if crude oil stays above $90 a barrel. Cox said building an emergency fund during more stable financial periods can help ease the pressure during times like this. “But setting aside those emergency funds when things are really good prepares you for times like now,” Cox said. “If you are on a very tight budget, that emergency fund can come into play and help people out.” For now, experts recommend planning ahead to reduce fuel costs. That can include combining errands into one trip, carpooling when possible, and using gas price tracking apps to find the lowest prices nearby. Download the WTVY News4 app to get alerts and stories the moment they are published. Available for FREE in theWATCH LIVE: WTVY First Alert Weather Team tracking strong storms
Gas Budgeting Crude Oil Price Crude Oil Iran War Iran War Effects Gas Price National Average Rebekah Wright Ed Cox Magnolia Wealth And Management
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