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Fuel Gauge Report

March 14, 2012

 Prices rose in all cities this week- increasing between less than a cent to more than eight cents. Although pump prices in East Tennessee rose from last week, oil prices have declined since the beginning of this week. On Monday, crude prices dropped $1.06 to close the day at $106.34.  At the time of this writing, crude is trading below $106 per barrel. The slump is being attributed to signs pointing to China’s slowing economy and easing tensions with Iran. If the downward trend continues, pump prices may be affected in the near future.

Because of the higher fuel prices, many drivers have already changed their driving habits or lifestyle in some way, according to a recent AAA survey. 60% of respondents have already combined trips and errands and 72% of respondents said they will make that change if prices stay high. Other changes include driving fewer miles, dining out less and delaying major purchases.

For the best efficiency drivers should make sure their cars are in good shape, reduce excess weight in the car, use the most fuel efficient vehicle possible, and combine trips to reduce gasoline use. Other options are to take public transit where possible or ride a bike. Other suggestions are in AAA’s Gas Watcher’s Guide, free at AAA offices, and on the web at www.aaaet.com.