AAA Northeast Gas Price Update: March 6
As gas and oil prices rapidly change during conflict in the Middle East, AAA Northeast is providing updates on local prices and the factors driving them.
How are gas prices changing?
After flat trading on Wednesday, Crude prices climbed Thursday: Domestically produced West Texas Intermediate (WTI) rose $6.35 — the largest one-day increase in nearly six years — settling at $81.01 a barrel. Brent crude advanced to $85.41 a barrel, up $4.01.
What’s behind the prices?
- The Strait of Hormuz — a vital passage for a fifth of the world’s petroleum supply — continues to be a chokepoint with virtually no cargo ships passing through all week.
- Markets are moving higher in reaction to escalating attacks in the conflict this week.
- Diesel prices, which can impact shipping, transportation and other commerce, have skyrocketed 58¢ over the past week and now average $4.33 nationally.
How can drivers save on gas?
- Shop around. Be strategic about fueling up so you can reward the gas station offering the best price with your business. Don’t wait until you’re on empty, which might force you to fill up at a more expensive station, like those at rest stops or right off the highway.
- Check your tire pressure: improperly inflated tires can have a significant impact on fuel economy. Check the recommended tire pressure for your vehicle by looking at the sticker located on the door jamb on the driver’s side and make sure your tires are set to the correct pressure.
- Don’t speed. As speed increases above 50mph, aerodynamic drag causes fuel economy to drop off significantly.
- Know which fuel you really need. AAA research has found that unless premium fuel is recommended or required by your car’s manufacturer, it provides no added benefit.
- Leverage rewards and discounts. Many gas stations offer discounted prices for drivers who use their app or other rewards program. AAA members can also save at the pump by signing up for Shell Fuel Rewards?.
AAA Northeast is a not-for-profit auto club with offices in Rhode Island, Massachusetts, Connecticut, New Jersey, New Hampshire and New York, providing more than 6.8 million local AAA members with travel, insurance, financial and auto-related services.