(NEXSTAR) – As gas prices remain sky-high, you may be looking for ways to save money on the pump. How can you figure out whether to refuel now or wait for prices to fall in a few days?
It is fairly easy to predict when gas prices will rise, said GasBuddy’s leading oil analyst Patrick De Haan. All you need to do is keep an eye on the price of oil.
“This is a good indicator of where prices may go in the coming days … simply because oil is the main ingredient in gas,” De Haan said.
If the price of a barrel of crude oil starts to rise, we can expect the price of gas to follow suit. But the impact isn’t immediate, De Haan said, so you have time to react and fill your SUV or minivan before prices rise. How much time you have is different, but it is usually about three to five days before changes in oil prices affect the price of gas.
“If the price of oil jumped by $ 20 a barrel today, [gas] stations can try to transmit it as soon as possible because it is so important, ”he explained. “But it usually takes a few days for oil prices to rise. Gas stations probably can’t make it through [oil price increases] at least for a day. “
Other ways to save money on pumps include believing you filling in the cheapest days of the week and go shopping. Comparing prices between gas stations in your area can save you money in the long run.
“Prices can vary greatly from block to block,” De Haan said. “You can save $ 100 or even $ 200-300 a year if you’re careful.”
As the United States ordered a ban on Russian oil imports last week, the price of a barrel of oil rose to $ 110 a barrel. If crude oil reaches a price of $ 150, it will be about $ 5 per gallon of gas on average across the country (with higher prices in places like California).
If prices rise, some analysts say Gas at $ 6 a gallon could become the norm across the country.