Forbes - Summer gas prices poised to pop

Your Weekly Advisor Update

A Note From Natalie:

The world woke up to alarming news from OPEC+ on Monday: member countries plan to drastically reduce their oil output come May, calling it a precautionary measure to stabilize the oil market. But this move will almost definitely lead to higher prices at the pump this summer.

Higher summer gas prices are nothing new—increased demand during peak vacation season and a more costly summer blend typically push up prices—but the reduction in oil production is a curveball.

In this newsletter, we talk to experts about where they see gas prices heading as well as how you can save at the pump.

If you have any comments or questions, please respond to this email. I’d love to hear from you.

Very best,

Natalie

P.S. With World Health Day fast approaching on April 7, there’s no better time to prioritize your well-being. Sign up for the Forbes Health biweekly newsletter for helpful wellness tips, news and product reviews from a name you can trust.

Natalie Campisi

Senior Staff Writer

Consumer Finance

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Summer Road Trips May Get More Expensive As Gas Prices Likely To Rise 

The summer road trip is an American tradition that everyone from the Beat poets to National Lampoon has romanticized over the years. From RVs to rented sedans, the road trip can take many forms—but one thing that hasn’t changed (unless you have an electric vehicle) is the need for gas.

On Monday, the cost of oil rose, exceeding $80 per barrel—a worrying sign that gas prices at the pump are on the rise again. Experts agree that consumers will have to shell out more for gas in the coming weeks, but by how much is still up in the air.

Forbes Advisor caught up with Kati Ryan, a full-time digital nomad who lives in her Ram ProMaster van and is worried about the potential gas price increase. She says the cost of gas is always top of mind when filling up her 24-gallon tank. Kati spends anywhere from $84 to $115 every time she fills up,so any increase in prices eats a chunk out of her budget.

“I think about where I’m buying gas all the time. If I’m going to California, I make sure to fuel up in Arizona where it’s cheaper,” Ryan says. Like many fuel-conscious consumers, Ryan employs gas apps and map overlays to point her to the cheapest gas around.

One of the easiest and cheapest ways to save on fuel costs is to download an app like GasBuddy, and comparison shop before deciding where to fill up. GasBuddy, which is compatible with both iOS and Android, is a popular app that allows you to see how much gas is near you.

For people who are brand-loyal, free gas station rewards programs will also help you save. Gas stations like Shell and BP offer free loyalty programs that can shave off up to five cents per gallon.

Mortgage Rates Dip As Economists Predict Home Prices Could Soon Follow

Mortgage rates significantly jumped in the spring partly due to rising inflation, but have more recently been driven down. That’s partly because The Federal Reserve took repeated action to rein in inflation in an attempt to address economic concerns, though some economists fear such actions could become too aggressive and inadvertently tank the economy.

Here’s what else you should know
this week:

VA Mortgages Will Get Cheaper In April, Just In Time For Homebuying Season

Starting on April 7, mortgages and refinancing will get a little more affordable for VA loans. A price reduction in the VA funding fee means homebuyers can save hundreds of dollars or more at closing.

April 2023 Stock Market Forecast 

The S&P experienced a whirlwind this March, so can investors expect a smoother time in April? Experts weigh in on what this month might look like for the stock market.

These 4 Tax-Hungry States Give Parents A Break With Child Tax Credits 

The federal child tax credit gives some parents a helpful break on their taxes–and some states have followed suit.

Best Travel Credit Cards Of  2023

It’s easier than you think to leverage your credit card rewards to snag award flights and upgrades. Be sure to pay off your balance in full to avoid hefty interest charges that will erase your potential savings.

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