Note from Investopedia: Gerri Willis, Fox Business Network Host, has a special this evening on how to avoid panic at the pump. "The Willis Report: Gas Price Shock" will explore the rising cost of gas and oil in the U.S. and will examine the causes and possible solutions. She's given us a preview of the tips she'll offer for how the average consumer can fight against these gas prices. Read on to find out how you can cut your gas costs and make those skyrocketing prices have less effect on your budget.

Drive Slower
Lose the lead foot. Driving fast increases turbulence and thus your fuel consumption. The federal government says that driving like a race car driver can reduce fuel efficiency by 33%.

Get the Junk Out of Your Trunk
Carrying around a lot of heavy gear makes your car weigh more and raises fuel consumption. Make your ride more aerodynamic by ditching the kayak carry. Any loaded roof rack increases drag.

Maintain Your Car
Make sure you are up to date with required oil changes and all regular maintenance schedules. If a warning light shows up on your dash, get it checked out – even a broken gas cap can cost you extra gas dollars.

SEE: What Determines Gas Prices?

The Shortest Distance Between Two Points Is ... Always on Google Maps
Don't drive around unnecessarily – if you've got lots of stops on Saturday morning, make sure you are taking the shortest routes.

Use Cruise Control When Possible
Your car's computer is better at maintaining an even speed than mere mortals – if you're taking a long highway trip, use it!

Pulse and Glide
OK, if you want to go for the big savings, do what the savings-obsessed hypermilers do, accelerate and then ease back so that your car glides. This technique is only for hybrid vehicle owners.

Step 1: Get your car to 30 or 40 MPH.

Step 2: Ease back slightly on the accelerator until no energy arrows appear on the monitor.

That means your vehicle is neither relying on the engine or recharging the battery. That's when the car glides and the savings begin. When the vehicle slows back down to 30 miles per hour, repeat the process. By minimizing your use of the internal combustion engine, you can improve fuel economy.

The Bottom Line
These tips can help every consumer save on gas. For more tips and insight into why these costs are rising and what can be done about them, tune into the show tonight at 8 p.m. EST.

Related Articles
  1. Savings

    Do Natural Gas Prices Always Follow Oil Trends?

    Prices for oil and natural gas are highly correlated. But investors should be aware of different factors affecting the prices of these commodities.
  2. Budgeting

    10 Ways to Save Money at the Farmers' Market

    Strategic shopping can help your budget as well as your health.
  3. Economics

    Understanding Switching Costs

    Consumers incur switching costs when they receive a monetary or other type of penalty for changing a supplier, brand or product.
  4. Investing

    What’s Holding Back the U.S. Consumer

    Even as job growth has surged and gasoline prices have plunged, U.S. consumers are proving slow to respond and repair their overextended balance sheets.
  5. Savings

    6 Ways to Save Money on Back-to-School Stuff

    Those school-supply lists just keep getting longer each year. Here's how to shop smart.
  6. Economics

    Explaining Market Penetration

    Market penetration is the measure of how much a good or service is being used within a total potential market.
  7. Economics

    Calculating the Marginal Rate of Substitution

    The marginal rate of substitution determines how much of one good a consumer will give up to obtain extra units of another good.
  8. Home & Auto

    4 Areas to Consider Roofing Material Types

    Roofing your home is very important, that’s why you should choose a roof specifically designed to handle your area’s climate.
  9. Stock Analysis

    Is the Apple Watch a Real Threat to Fitbit?

    Examine the potential for marketplace competition between Fitbit and the Apple Watch in the rapidly growing consumer wearables industry.
  10. Investing News

    How 'Honesty' Could Pay off for Jessica Alba

    Is it possible that Jessica Alba is one of the savviest businesswomen on the planet?
RELATED TERMS
  1. Internal Rate Of Return - IRR

    A metric used in capital budgeting measuring the profitability ...
  2. Duty Free

    Goods that international travelers can purchase without paying ...
  3. Linked Transfer Account

    Accounts held by an individual at a financial institution that ...
  4. Pension Risk Transfer

    When a defined benefit pension provider offloads some or all ...
  5. Fast-Moving Consumer Goods (FMCG)

    These are consumer goods products that sell quickly at relatively ...
  6. Topside

    The upper part of an oil platform—above the water line—that ...
RELATED FAQS
  1. What does marginal utility tell us about consumer choice?

    In microeconomics, utility represents a way to relate the amount of goods consumed to the amount of happiness or satisfaction ... Read Full Answer >>
  2. What are some common ways product differentiation is achieved?

    There are many ways to achieve product differentiation, some more common than others. Horizontal Differentiation Horizontal ... Read Full Answer >>
  3. How does a bank determine what my discretionary income is when making a loan decision?

    Discretionary income is the money left over from your gross income each month after taking out taxes and paying for necessities. ... Read Full Answer >>
  4. How does the trust maker transfer funds into a revocable trust?

    Once a revocable trust is created, a trust maker transfers funds or property into the trust by including them in a list with ... Read Full Answer >>
  5. What is the difference between an OEM (original equipment manufacturer) and a VAR ...

    An original equipment manufacturer (OEM) is a company that manufactures a basic product or a component product, such as a ... Read Full Answer >>
  6. Is the retail sector also affected by seasonal factors?

    Generally speaking, the retail sector is highly seasonal. Almost invariably, sales in the retail sector are highest in the ... Read Full Answer >>

You May Also Like

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!