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AAA: Gas Prices Spike as Oil Prices Hit 14-Year Highs

Fuel prices in Brandenburg on April 30, 2020

Use these tips to lessen the frustration of filling up the tank

THURSDAY, MARCH 3, 2022 - According to AAA, today's national average price for a gallon of regular gasoline is $3.728, which is seven cents more than on Wednesday and 18 cents higher than last Thursday. Some local areas have seen prices spike even higher.

The increase comes amid an increase in demand for gasoline and the ongoing invasion of Ukraine by Russia. On Wednesday, West Texas Intermediate ended the day at $110.60 per barrel after briefly hitting $116.57, a high that hasn't been seen since 2008.

"Consumers should prepare in case gasoline prices rise even further," said Jim Garrity, director of public affairs, AAA East Central. "At this point, all eyes are on crude oil, which accounts for 50 to 60 cents of each dollar you spend at the pump. But, we're right around the corner from demand increasing and the sale of summer blend gasoline, which are both trends that typically push prices higher in the spring."

AAA East Central is reminding motorists about ways to improve fuel efficiency. Adopting responsible driving practices can contribute to significant savings at the pump and ease the financial strain of higher gas prices.

“One of the simplest ways to keep your fuel costs lower is to slow down, as speeding drastically decreases how efficiently your vehicle burns fuel," Garrity continued.

To improve vehicle gas mileage, AAA recommends the following tips.

The Daily Drive

  • Slow down and drive the speed limit. On the highway, aerodynamic drag causes fuel economy to drop off significantly as speeds increase above 50 mph.

  • Reduce trips and lighten your load. Limit the amount of cargo in your