The widening war in Iran is now in its third week, and American consumers are already feeling the effects of the rising cost of gasoline, with the price of food and other essentials likely to follow.
For consumers already reeling from inflation and a cooling job market, the fallout from the war presents another financial challenge. Even if the conflict were to end today, economists warn, the economic impact is likely to linger.
We reached out to some experts for advice consumers could follow to minimize the impact on their pocketbooks.
At the Gas Pump
With the average cost of gasoline reaching $3.598 on Thursday, according to data from the AAA motor club, drivers searching for ways to save have a few options.
Reducing highway speeds by 5 to 10 miles an hour can increase fuel economy by as much as 14 percent, said Aixa Diaz, a AAA spokeswoman. That’s because the fuel economy for most cars peaks at around 50 m.p.h. before dropping off.
Excessive idling can also waste gas, she said, as can driving with low tire pressure.
“If your tire pressure is low, your car’s going to be working harder and then you’re just wasting fuel,” she said.
Drivers should remove any extra weight from their vehicles, Ms. Diaz said. If you’re still lugging around furniture that you keep meaning to donate but never do, now is the time to finally drop it off, she said.
And Ms. Diaz encouraged drivers to sign up for rewards programs at gas stations to earn points for discounts on fuel purchases. At the pump, she said, drivers should skip premium-grade gas, which is more expensive, in favor of regular gas, if their vehicle takes it — and most do.
Many vehicle owners’ manuals recommend premium gas, but “recommended and required are two different things,” Ms. Diaz said, adding, “Most cars are perfectly fine with just regular gasoline.”
On the Road
Gas prices are typically higher in the spring and summer, when more people drive, but the conflict in the Middle East has accelerated the seasonal ascent, Ms. Diaz said.
Drivers planning a road trip can make use of free travel tools, such as AAA’s TripTik, which shows gas stations, E.V. charging stations, hotels, campgrounds, restaurants and attractions along planned routes. One benefit, Ms. Diaz said, is it keeps drivers on track, avoiding detours that can burn more gasoline and lead to unnecessary spending. The motor club also offers a gas-cost calculator that can estimate your car’s fuel costs.
Apps like Waze use real-time traffic data to direct drivers to the shortest (and therefore the most efficient) routes. And the GasBuddy app directs drivers to the cheapest gas near them.
Ms. Diaz said drivers also should be mindful of where they spend their money on road trips. Often the gas stations near highway exits are more expensive than the ones a few miles away. If you have enough gas, it can be worth it to drive a few more minutes to find a better price.
Snacks add up, too. Avoid gas station convenience stores, Ms. Diaz said, and instead stock up on treats at your local grocery store before your trip even begins.
At Home and the Grocery Store
Rising oil prices affect virtually all goods, not just at the gas pump.
“Anything that you buy that gets delivered by truck is going to be more expensive because diesel’s gone up,” said Daniel Burnside, a clinical professor in finance at the University of Rochester’s Simon School of Business.
Professor Burnside said there are simple ways to save money.
That could mean taking public transportation instead of driving, washing your clothes in cold water to save on energy costs, cutting back on barely used subscriptions, or delaying the purchase of anything you don’t really need, he said.
Describing the drive to save money as “an evergreen problem,” Professor Burnside said, “You could use all the techniques that worked last week, it’s just now it seems more urgent because all of a sudden all your costs are going up.”
Aimee Ortiz covers breaking news and other topics.
The post The War in Iran Is Driving Costs Up. Here Are Some Ways to Save. appeared first on New York Times.
