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9 Ways to Prepare for Rising Gas Prices – Causes, Impact & How to Save
Gas prices are notoriously fickle.For proof, take a look at GasBuddy’s Gas Price Chart. The 10-year view looks like a mountain range, with sharp peaks and even sharper valleys. Experts predict that, for a variety of reasons, prices will only continue their upward climb in the years to come.Whether you’re planning a summer vacation or you have a long commute to work each day, that’s bad news for your budget. Here’s what you can do to prepare for higher gas prices in the months and years to come.
The Impact of Higher Gas Prices
Higher prices at the pump affect everyone, and if you’re living paycheck to paycheck, these increased costs can stretch your budget to its limit. They also impact more than just your gas expenditures. Here’s what you can expect as a result of higher gas prices.
Travel Is More Expensive
When gas prices rise, travel becomes a lot more expensive.If you’re taking a road trip, you’ll pay more each time you pull in for gas. When gas prices are high, families may take shorter trips or plan a staycation instead of hitting the road.Airfare also goes up when the price of oil increases. For example, in 2018, the price of jet fuel jumped by 50%. It cost some airlines, such as American Airlines, over $2 billion. Some airlines raised their prices by 4% or more to offset these costs.When fuel costs go up – especially when they go up rapidly – airlines often add extra fees to compensate. They might also cut service, offering fewer flights as a way to save money. Higher ticket prices make business travel, family trips, and vacations more expensive – unless, that is, you take steps to avoid extra airline fees.
Gasoline explained
Gasoline prices and outlook
