CINCINNATI — Although it appears relief at the pump is on the way, drivers are currently still feeling the pinch. Wednesday the national average sat at $4.95 a gallon.
In a tweet, Gas Buddy analyst Patrick De Haan said drivers shouldn’t rush to fill up because prices are expected to fall over the next week or two.
Hoping the decline in #gasprices starts to accelerate - stations have plenty of room to lower #gasprices, I'll reiterate: don't be in a rush to fill your tank, prices will keep coming down for at least the next week or two. Great Lakes price cycle odds are basically 0% this week.
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) June 22, 2022
“A full tank of gas only lasts about a week,” said Damien Thornton as he filled up Tuesday. “Then I have to fill up again with another $70.”
Thornton feels like there is no escaping the pain at the pump.
“When I see it go past $50 and it keeps going up and up, I’m like oh, this is not OK.”
Adrienne Davenport was also filling up when WCPO spoke with her.
“Every time I go to the store, everything that I’m used to paying this amount for, its suddenly up,” she said. “A dollar sometimes or a dollar and half and maybe more. Chicken, eggs; all of that is much more expensive.”
Certified financial planner Andrew Tudor of Alchemist Wealth told WCPO there are several things families can be doing to make it through the summer financially.
“We see the tick up on the gas pump and we are hyper aware of it,” said Tudor. “It feels bad but there are a lot of smaller things that we don’t feel and a lot of times they come out automatically.”
Tudor says taking an inventory of subscriptions and memberships and canceling what you don’t need can help you save some money.
If you are thinking about canceling summer travel because of inflation and high gas prices Tudor says you may not have to if you keep your trip within a reasonable budget. That may mean opting for lower end accommodations or using public transit during your trip.
“Ideally having that money set aside and not really using it on credit cards where there is just a bottomless swipe,” he said.
Tudor also says it's important to remember that inflation will not last forever.
“Our goal is to try and make sure that when it ends we haven’t completely ruined financially by borrowing too much or depleting our savings,” he said.
To look up the cheapest gas prices near you, check out our interactive map here.
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