'I have less money to put in my savings account': Gas prices put pinch on wallets
Lillie Barker of Stow has been cringing as gas prices have been rising.
Her 2013 Volkswagen Jetta TDI takes diesel gas, which has been even more expensive than regular and premium gasoline as drivers continue to contend with high fuel prices.
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She bought the car used 2½ years ago because it had good gas mileage. She said she averages about 33 miles to the gallon.
“Usually it takes me about two weeks to go through (a tank), but when I bought it, diesel was $2.99,” said Barker.
Diesel is almost $6 a gallon now, Barker said, noting that the gas station near her apartment was $5.59 a gallon on Tuesday.
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Barker, 23, said she is spending about $60 every two weeks on gas, doubling what she used to pay.
She has been riding with her boss for an internship a few days a week so she doesn’t have to use her car. On the other days, she still needs her car for work and errands.
Barker will be a senior social work major at the University of Akron in the fall and works in an administrative role at an area nursing home, in addition to an internship with a hospice service.
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Barker said she has started shopping at Aldi for groceries to save on money. But otherwise, she and her husband have not cut back on other parts of their budget as they deal with higher gas prices.
“It's just I have less money to put in my savings account, basically,” said Barker.
Barker’s husband, Joe, has a car that takes premium gasoline, but he has been using his motorcycle to save on gas.
Not all consumers have multiple vehicles to choose from, but choosing to use the vehicle with better gas mileage during times of high gas prices and thinking about gas mileage or a hybrid vehicle when shopping for a vehicle can be helpful, said Kevin Thomas, regional president for AAA Ohio Automobile Club, which includes Akron and the region.
AAA is reporting Akron's average regular gasoline price is $4.59 a gallon, while premium averages $5.26 per gallon and diesel, $5.28.
Gas Buddy reports a range of $4.33 to $4.79 for regular, $4.93 to $5.79 for premium and $5.05 to $5.59 for diesel.
Nationwide, a gallon of regular gas averaged $4.67 on Wednesday, according to AAA. The highest state average was California at $6.19 a gallon.
What's causing high gas prices?
Typically, there is a decrease in gas prices after Memorial Day looking into the popular summer driving months, Thomas said.
"The weekend has passed but now we have issues going on in Europe and with what they're going to be doing with moving away from Russian fuel,” he said. “There’s also changing behaviors happening in China with COVID restrictions easing a little, which creates greater demand.”
Production isn’t rising to the level to keep up, which is going to create higher prices, he said.
The AAA does not forecast fuel prices, but “with the international landscape, it doesn’t appear there’s going to be a quick answer to these high prices, especially with the increased demand for the driving season,” said Thomas.
People still hitting the road
Still, even with record gas prices, people are still hitting the road.
AAA estimates nearly 35 million travelers traveled on roadways for the Memorial Day holiday. That’s the highest number since 2019.
“So far, the pent-up urge to travel caused by the pandemic outweighs high pump prices for many consumers,” AAA spokesperson Andrew Gross said. “But 67% of drivers recently surveyed told us they would change their driving habits if gas hit $4.50 a gallon. That number rises to 75% at $5 a gallon. If pump prices keep rising, will people alter their summer travel plans? That remains to be seen.”
In the Akron-region, people are still planning their summer vacations and not cancelling due to high gas prices, said Thomas.
“People are ready to travel,” Thomas said.
The Akron-area numbers are not quite to pre-pandemic levels, but are rising, he said.
“We're, in fact, pleasantly happy to have an increase in most forms of travel,” he said. “There’s a lot of pent-up demand to get out and go visit family and friends.”
Higher gasoline prices are also impacting prices for air travel, car rentals and hotels, said Thomas.
Car travel still usually is the cheapest mode of transportation, he said. Travelers can make changes to other parts of their trip, like dining options or hotels, to help with the budget, Thomas said.
Better times to fill up?
Are there better days of the week to fill up?
Thomas said that’s hard to say and gas price fluctuations really have more to do with crude oil prices. But there could also be higher prices when demand is higher, such as on weekends and holidays, he said.
“You want to make sure you fuel before you get on the road so you're not paying more at the side of the highway,” he said.
Loyalty, payment programs can help
Many gas stations have their own loyalty programs or incentives tied to a grocery store or app. Consumers also sometimes have an option for an EZ Pay or payment method that is tied to a checking account instead of credit cards. Those options usually help the gas retailer avoid credit card fees and the retailer may offer a cheaper price for customers who sign up for that option, said Thomas.
Consumers just need to know what they are signing up for and how the program works, he said.
There also are programs tied to loyalty to a particular gas retailer. AAA’s program is connected to Shell gas stations nationwide and offers 5 cents off a gallon, said Thomas.
"Shell only has a couple of stations in the Greater Akron area but Shell has lots of stations, especially if you're traveling down the 77 corridor,” he said.
Beacon Journal staff reporter Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@thebeaconjournal.com. Follow her @blinfisherABJ on Twitter or www.facebook.com/BettyLinFisherABJ To see her most recent stories and columns, go to www.tinyurl.com/bettylinfisher
This article originally appeared on Akron Beacon Journal: Record gas prices affects wallets, but travel is still up
