Ohio gas prices rose approximately 70 cents over the last week, reaching an average of $3.44 per gallon according to AAA.
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To combat these rising costs, the federal government is authorizing the largest release of oil from the emergency reserve in history.
The release includes nearly half a billion barrels from the emergency oil reserve.
This move comes as Ohio drivers saw prices jump from an average of $2.77 per gallon last Monday.
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Despite the record release, analysts with GasBuddy told News Center 7 they do not expect the move to significantly lower prices at the pump.
Patrick De Haan, the head of petroleum analysis for GasBuddy, said the current market is experiencing unprecedented shifts.
“We’re seeing some of the most dramatic volatility we’ve ever seen in the price of oil,” Haan said.
He noted that the rising costs of fuel will have “a major toll on the U.S. economy.”
News Center 7 consumer reporter Xavier Hershovitz investigated ways for drivers to save as prices fluctuate.
While many motorists look for cheaper local stations, Haan said there are currently very few “outlier” stations offering significantly lower rates than their competitors.
“That’s the other thing that’s difficult is there’s not a lot of outlier stations,” Haan said.
Keith Barry, a senior auto reporter for Consumer Reports, said saving money now requires more planning from drivers.
“It’s just a little more to add on to your plate to figure out, because it can add up,” Barry said.
He recommends using warehouse club memberships, which typically offer gas several cents cheaper than nearby stations, or signing up for free station rewards programs.
Barry emphasized that even small savings from rewards programs are beneficial in the current climate.
“You might as well use them and save some money wherever you can,” Barry said. “A couple of cents here and there. It can add up over time.”
Driving habits also impact fuel expenses, as rapid acceleration from stoplights consumes more gasoline.
Barry noted that “doing that over and over again, can hurt your gas mileage by two or three miles a gallon. Now that’s, you know, that adds up over time.”
He also suggested slowing down on the freeway, noting that reducing speed from 65 to 55 mph can improve fuel economy by 7 mpg in some vehicles.
While adjusting speed helps save fuel, Barry advised motorists to remain mindful of other drivers on the road. “We’re not telling anyone to, you know, slow down and block traffic, but maybe you don’t want to be the fastest person in the left lane,” Barry said.
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