2 Cheapest Gas Stations for Fuel All Summer
If you’ve swiped your credit or debit card at a gas pump recently, you’ve noticed that it takes so much more money to fill your gas tank than it did a year ago. AAA notes the average cost of regular gas per gallon in America is currently $4.53; this time last year, it cost $3.18 per gallon. That’s an increase of $1.35, or roughly 42.5%.
Prices could get even higher by this summer, so knowing where to get cheap and affordable fuel could financially make or break your summer.
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Why Are Gas Prices So High?
You’re not spending more at the pump for no reason. A series of geopolitical complexities are forcing you to pay 40% more in gas than you did last year.
The major culprit is the ongoing Iran War. Iran is located right next to the Strait of Hormuz, which is closed. That means 20% of the world’s fuel is directly disrupted and as a result the remaining 80% is also destabilized. This leads to a near-catastrophic chain of events: higher crude oil prices, more expensive gasoline refining, higher shipping and insurance costs for tankers, and panic-buying and market speculation — all of which drive up the costs of gas, no matter where you get it.
Oil is priced globally; this means that if supply risk goes up anywhere, everyone everywhere pays more.
Where Can You Pay Less for Gas
Due to the fact that gas prices shift state-by-state it’s all but impossible to declare a single gas station chain as “the cheapest” across all of America. That said, there are two gas stations that are renowned for consistently low prices, even amidst a gas crisis, per MarketWatch.
If you want to save on gas this summer, seek the pumps at a Costco or Sam’s Club gas station. Fuel sold there is often 25 to 35 cents cheaper than national averages, for one major reason.
Unlike traditional gas stations, Costco and Sam’s Club don’t rely on fuel sales for their profits and can underprice gas far more affordably than traditional competitors because fuel is not their main profit center. As such, these warehouse clubs make most of their profits from memberships, the selling of bulk merchandise and high-volume retail sales.
With fuel serving as more of a traffic driver rather than a primary profit source, Costco and Sam’s Club are able to continually undercut the prices at the average gas station.
The Bottom Line
If you’re someone who plans on being on the road a lot this summer — either because of work or travel — consider a Costco or Sam’s Club membership. Not only does it save you money when it’s time for a grocery run, it will keep your gas costs considerably lower during the ongoing fuel crisis.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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