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There’s an easy way to know when gas prices are about to rise

A gas pump displays gas and diesel prices in Richmond, Va., Tuesday, March 16, 2021. (AP Photo/Steve Helber)

(NEXSTAR) – Because gas prices are still high – and is expected to increase further – you may be looking to save money at the pump. How can you tell if you should fill up on gas now or wait for prices to drop in the next few days?

GasBuddy’s lead petroleum analyst, Patrick De Haan, says it’s pretty easy to predict when gas prices are about to rise. All you have to do is keep an eye on the oil price.

“It’s a good indicator of where prices could go up in the coming days… simply because oil is a major component of gas,” De Haan said.

If the price of a barrel of crude oil starts to rise, you can expect gas prices to follow. But the impact isn’t immediate, De Haan says, so you have time to react and fill up your SUV or pickup truck before prices spike. You can change how much time, but it’s usually about three to five days before changes in oil prices are reflected in gas prices.

“If the price of oil goes up by $20/barrel today, [gas] stations can find a way to get through it as quickly as possible because it is so important,” he explained. “But overall, it takes a few more days for oil prices to go up. Gas stations probably can’t pass successfully [oil price increases] for at least one day. ”

Other ways to save money at the pump include making sure you filled on the cheapest days of the week and to shop around. Comparing prices between gas stations in your vicinity can save you money in the long run.

“Price can vary significantly between these blocks,” says De Haan. “You can save $100 or even $200 to $300 throughout the year if you pay attention.”

According to AAA, the national average price of gasoline is about $3.30 per gallon. California has the highest prices in the country with an average of $4.66.

https://kfor.com/news/u-s-world/theres-an-easy-way-to-tell-gas-prices-are-about-to-go-up/ There’s an easy way to know when gas prices are about to rise

JACLYN DIAZ

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