How do you know when gas prices will rise?


(NEXSTAR) – As gas prices continue to remain sky-high, you may be looking for ways to save money at the pump. How do you know if you should fill up now or wait for prices to drop in a few days?

It’s fairly easy to predict when gas prices will rise, said Patrick De Haan, GasBuddy’s lead petroleum analyst. All you have to do is watch the price of oil.

“It’s a good indicator of how prices might move in the coming days…simply because oil is the main component of gas,” De Haan said.

When the price of a barrel of crude oil starts to rise, you can expect the price of gas to follow suit. But the impact isn’t immediate, De Haan said, giving you time to react and fill up your SUV or minivan before prices skyrocket. How much time you have varies, but it usually takes around three to five days for oil price changes to be reflected in gas prices.

“If the price of oil went up $20 a barrel today, [gas] Broadcasters could try to pass it on as soon as possible because it’s so important,” he explained. “But in general, it takes a few days for oil prices to pick up steam. Petrol stations probably cannot pass on successfully [oil price increases] for at least a day.”

Other ways to save money on the pump is to make sure it’s you Refuel on the cheapest days of the week and for shopping. By comparing prices between gas stations in your area, you can save money in the long term.

“Prices can vary significantly from block to block,” De Haan said. “If you’re careful, you could save $100 or even $200 to $300 over the course of the year.”

When the United States ordered an import ban on Russian oil last week, the price of a barrel of oil rose to $110 a barrel. If crude oil hits $150, that equates to about $5/gallon of gas on a national average (with higher prices in places like California).

If prices continue to rise, analysts say $6 a gallon gas could become the norm nationwide.

https://www.cbs17.com/news/national-news/how-to-tell-when-gas-prices-are-about-to-go-up/ How do you know when gas prices will rise?


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