(NEXSTAR) – As temperatures heat up, so do gas prices – unfortunately.
Prices at the pump – already averaging around $3.60 nationwide – are expected to rise over the next few months as we head into the peak summer travel season.
Not every station in your town will have the same prices, of course. But saving money at the pump doesn’t just mean knowingwhereto fill up –it also helps to knowwhento fill up.
In general, gas prices tend to be lowest at the beginning of the week, on Monday and Tuesday, GasBuddy’s lead petroleum analyst Patrick De Haan told Nexstar. As the week goes on, gas prices tend to rise until they reach their most expensive point on the weekend – especially on Friday and Saturday.
What drives this trend?
“If I had to venture a guess, energy markets are closed over the weekend, but they’re open Monday through Friday,” De Haan said. “By the time the weekend rolls around, (gas stations) may be passing around any increasesthat happened earlier in the week.”
There’s also a key government report that comes out every Wednesday, De Haan said, which can influence the wholesale price of oil.
Basically, if gas stations see the price of oil rising as the week goes on, they pass on that cost to customers so they don’t lose money.
“They’re also less likely to lower prices at the onset of the weekend because a lot of people fill up on the weekend, so there’s less of an incentive,” De Haan said.
Gas isn’t always cheapest on Monday, De Haan emphasized. There are variations from place to place, and it depends on what’s going on in the oil markets at any given time. The broad trend was identified in a GasBuddy study last year.
The average gas station will change prices a few times a week, De Haan said, but there are volatile times when a station might change prices several times a day. If they see their competition’s prices rising, gas stations are more likely to do the same.
“One tip is to always shop around. Prices can vary significantly from block to block,” De Haan said. “You can save $100 or even $200 to $300 over the course of the year if you’re paying attention.”
While gas prices are expected to rise, things are looking better than they were at this time last year. Gas was, on average, about 50 cents more per gallon, according to AAA data.
The highest-ever average price was recorded in June 2022, when the national average peaked at $5.02 for regular unleaded gas. In California, home to the country’s highest gas prices, they topped out at $6.44 last year.
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FAQs
Buy Gas on Monday or Tuesday
What is the cheapest day to fill up gas? ›
In general, gas prices tend to be lowest at the beginning of the week, on Monday and Tuesday, GasBuddy's lead petroleum analyst Patrick De Haan told Nexstar. As the week goes on, gas prices tend to rise until they reach their most expensive point on the weekend – especially on Friday and Saturday.
What is the most expensive day to fill gas? ›
Based on historical data, Saturdays have typically been the least favorable day to buy fuel. However, recent analysis by GasBuddy suggests that Thursdays were the most expensive day to purchase gasoline in 2021. The data reveals that in 28 states, Thursday had the highest average gasoline price.
What is the best time of day to buy gasoline? ›
Early in the morning when the temperature is the lowest. Fuel is sold by the gallon, but the density of fuel varies with temperature. A warm gallon of fuel will weigh less than a colder gallon of fuel. The energy potential of fuel has more to do with weight than volume.
What month is gas the most expensive? ›
Unfortunately for drivers, we often see the highest gas prices during the summer, starting around Memorial Day. In May 2022, U.S. consumers paid an average of $1.50 per gallon more than they were at the same time in 2021, according to AAA.
What month are gas prices the lowest? ›
Traditionally, gasoline prices are at their lowest during the first week of February and then begin to climb, often peaking right before Memorial Day.
What is the best day to fill up your car? ›
Best Day of the Week
According to a GasBuddy petroleum analyst, Monday and Tuesday is when gas prices are typically at their cheapest. As the week goes on, prices steadily tend to rise while finally culminating in the highest price during the weekend.
How much profit does a gas station make per gallon of gas? ›
Generally, the markup (or “margin”) on a gallon of gas is about 15 cents per gallon (gross profit before expenses). Factoring in expenses, which include rent, utilities, freight, labor and credit card fees, a retailer is left with about 2 cents per gallon in profit.
How much does the most expensive gas cost? ›
Which State Has the Highest Gas Prices?
| State | Gas Price Today |
|---|
| 1 | California | $5.41 $5.41 $5.41 |
| 2 | Hawaii | $4.81 $4.81 $4.81 |
| 3 | Washington | $4.65 $4.65 $4.65 |
| 4 | Nevada | $4.60 $4.60 $4.60 |
1 more rowWhen it comes to the most expensive days to get gas, GasBuddy says it found that on average Thursday is the most expensive day and Wednesday is the second most expensive day. To come up with the data for its findings, GasBuddy says it analyzed fuel prices from the GasBuddy app from January 1 to December 16, 2021.
As with all matter, gasoline expands when it's warmed and becomes denser when it's cool. Therefore, if you purchase gasoline in the afternoon or evening after the sun has warmed the ground, you'll get less gas in your gallon than if you had refueled that morning, when the ground temperature was still low.
Does pumping gas in the morning save money? ›
Spend less at the gas station.
Fill your tank in the morning when it's cooler outside. Colder fuel is denser, which means you get slightly more fuel per gallon versus when it's warm. Fill up at the beginning of the week when prices are usually lower versus the weekend, when prices tend to be higher.
What state has the cheapest gas? ›
Some of the states with the cheapest gas in the country include Mississippi, Texas, Missouri, Arkansas, Alabama, Louisiana, Oklahoma, Kansas, Tennessee, and Kentucky.
How much was gas in 1985? ›
Gas Prices in the U.S. Throughout History
| Year | National Average Gas Price (Dollars/Gallon) Then | National Average Gas Price (Dollars/Gallon) In 2022 Dollars |
|---|
| 1985 | $1.12 | $3.03 |
| 1986 | $0.86 | $2.29 |
| 1987 | $0.90 | $2.31 |
| 1988 | $0.90 | $2.22 |
90 more rowsHawaii has the highest prices and Georgia has the lowest. Data as of May 24, 2023. Western and Pacific states face the most costly gas in the nation, as the seven states with the highest prices are California, Hawaii ($4.76), Washington ($4.62), Arizona ($4.60), Nevada ($4.24), Oregon ($4.19) and Utah ($4.08).
Which is a factor that determines the spot price for a crude oil in the US? ›
Like most commodities, the fundamental driver of oil's price is supply and demand in the market. The cost of extracting and producing oil is also an important factor. Oil markets are composed of speculators who are betting on price moves, and hedgers who are limiting risk in the production or consumption of oil.
