Aside from insurance and maintenance, gasoline can be a major expense involved in owning a car. While this fact may not surprise most drivers, it is important to keep in mind the various ways increasing gas prices can affect your monthly bills. Unfortunately, it’s likely that we’ll see one of the highest price hikes in gasoline prices in the upcoming year since 2014.
According to GasBuddy, the 2018 gas prices will likely be the highest they’ve been since 2014. While the outlook isn’t set in stone, it’s predicted that the national average will increase 19 cents compared to last year, a figure that may seem daunting to some drivers. Believe it or not, the nation’s yearly gasoline bill will rise to $364.6 billion, an increase of over $25 billion from last year.
“Many will be quick to ask why we’re expecting higher prices. Ultimately, OPEC bears much of the responsibility for cutting oil production, leading oil inventories to begin 2018 nearly 50 million barrels lower than a year ago,” said Patrick DeHann, head of petroleum analysis at GasBuddy.
One of the best ways to combat rising fuel costs is to identify and change bad driving habits like speeding and aggressive driving. Maintenance can also improve engine performance (improving gas mileage), and upgrading to the latest model year will show the best results. Visit Apple Honda to test drive one of the many new cars that will combat rising gas costs.