Consumer Alert: What goes up, must come down, just more slowly
ROCHESTER, N.Y. (WHEC) – Consumer Alert: Do you think gas prices are coming down more slowly than they went up? You’re not imagining it.
The average price of gas in Rochester Monday is $4.26 according to Gas Buddy. That’s up about two cents since last week. While gas prices have fallen since the astronomical highs we experienced in March, gas prices have not fallen as quickly as they went up.
This chart provides some perspective.
OIL PRICES VS. GAS PRICES
OIL – $100.70 GAS – $3.42
OIL – $125 GAS – $4.37
OIL – $102.60 GAS – $4.23
Petroleum expert, Patrick De Haan says gas station owners do lower prices more slowly than they raise them. But it’s not because of greed. "Back on your first date, (March 1st) the price of oil had just started skyrocketing, but prices had not yet. So it was that lag time," said De Haan. “Nearly the two to four weeks that prices are climbing, stations were two to four days behind in actually raising it to match their price. So when prices finally go back down, stations which had lost money for one to two weeks then slowly lower prices to recoup the losses that they incurred when prices were actively climbing."
So since prices aren’t likely coming down to prices we saw before the Russian invasion, we have to take some steps to save.
With the help of Consumer Reports, Here’s Deanna’s Do List for saving at the pump.
• Stay at half. That gives you the flexibility to stop when you see the cheapest gas, not when you absolutely have to get it.
• Combine trips. I always fill up my tank after church because it’s closer to Costco than my house.
• Drive evenly. Consumer reports tests found that hard breaking and acceleration can reduce your gas economy by up to 3 mpg.
• Buy Top Tier gas. The detergents in it are easier on your engine and increase fuel economy.
• Skip premium. Unless your car says premium is required, you get little benefit from premium gas. You can find your car’s octane requirements on the fuel filler door.
• Check your tire pressure. Your tires lose about 1 psi per month. If your tire pressure is too low, your fuel efficiency will be affected.
• Use a gas app to find the cheapest gas near you.
Here are my favorite gas apps: