Gas prices are rising at a near record-setting pace in the U.S. amid continued disruptions in the Strait of Hormuz, through which around 20% of the global oil supply passes annually, and the closure of a key oil pipeline in Saudi Arabia that had served as an alternative supply trade route.
On Friday, the national average price for a gallon of regular gas was $4.47, according to Gas Buddy. The average price for a gallon of diesel, meanwhile, was around $6.43 as of Friday morning, according to GasBuddy -- a record high.
Despite the high prices, there are a few simple ways to save on your next trip to the gas station to avoid pain at the pump.
Gas station loyalty programs and apps are typically free and can offer discounted prices or promotions to help customers save some dollars.
At an Exxon gas station in New York, for example, the price for regular fuel recently hit $4.79 per gallon. If you sign up for Exxon's Rewards app however, you can get cash back on the first two fill-ups, as well as points, and that same regular fuel price drops to $4.45 per gallon for a total savings of 34 cents a gallon.
Some gas stations looking to avoid credit card processing fees may also offer a discount if you pay in cash.
At that same New York Exxon station, for example, paying in cash allows customers to save 16 cents per gallon.
Fuel prices may vary between wholesale retailers and standard gas stations, meaning it can pay to search for a deal and try different locations.
As of Thursday afternoon, the state of California had the highest gas prices, at an average $6.08 a gallon. At a Costco gas station in Northern California the same day, we found gas for $5.57 a gallon -- and if you use a Costco credit card, which offers 5% cash back on gas, the price tag dropped to $5.29 a gallon.
Customers save 79 cents a gallon in this instance.
A Costco membership starts at $65 per year and the savings on gas alone could potentially pay off the membership cost within just over a month if a customer is filling up a typical SUV once a week.
