Even though gas prices are about 30 cents lower than they were this time last year, everyone could still do to save some money at the pump. Who doesn’t like more cash on hand, after all?
While one way to save money is to practice our driving tips to get better mileage, did you know that you could save an extra $325 every year just by filling your gas tank on Mondays, according to a study by GasBuddy?
Their report took a close look at three years worth of data on national gas prices, and they found some trends that provide helpful insight to motorists looking to tighten their gas budget. While the numbers vary from region to region, Mondays featured the lowest average national prices at the pump.
Is Monday The Only Day I Should Fill Up?
The report shed more light on the day-to-day gas price variances throughout the week. Using this information, GasBuddy offered a break down of the best and worst days to gas up. While Monday is the best day to fill your tank, there are other recommendations that came out of the study:
- Sunday prices are very close to Monday, so that is an alternative fill up day if you can’t quite make it to the end of the weekend.
- Tuesday and Friday had reasonable prices, so they are good days to top off if you need gas to make it through the week.
- Thursday and Saturday had the highest prices. Avoid them if you are looking to save.
What Accounts for the Fluctuation In Gas Prices?
You might be wondering why gas prices shift so much from one day to the next.
GasBuddy senior petroleum analyst, Patrick DeHaan, surmises that the variance is in part due to the Wednesday report that is published on a weekly basis by the Energy Information Administration.
If the EIA report reveals unexpected information in the oil and gas industries, a shocked market might lead to a rise in prices hence why Thursday was found to have the highest national average gas prices.
The weekend allows the market to settle out (since there is no trading of commodities), thus accounting for the best prices to show up at the start of the week.
Does It Really Matter That Much When I Buy Gas?
The GasBuddy report estimates that if everybody throughout the U.S. made Thursday their fill up day instead of Mondy, then they would collectively feed the gas industry more than 1 billion extra dollars every year.
On the other hand, if you fill up on Monday and shop around for the best gas prices, you could save an extra $325 per year at the pump. That’s not much in the grand scheme of things, maybe. But that’s a couple of extra nights out, a pretty nice suit, or maybe one month’s student loan payment. A penny saved is a penny earned, after all.
So next time you swing by Holiday Shell to fill your tank, why don’t you make it a Monday?