Gas prices are dropping: Here are even more ways to save at the pump

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Friday, October 21, 2022
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After a summer of skyrocketing gas prices, some relief is arriving at the pump. Here are even more ways to save money.

ARCADIA, Calif. (KABC) -- For those who have been feeling the impact of high gas prices in Southern California, you may have already started noticing a bit of relief at the pump.

In one of the largest decreases experts have seen, the average price of a gallon of self-serve regular gasoline in L.A. dropped 34 cents in the last week, with another 4-cent drop on Thursday.

The average price now stands at $5.87, according to GasBuddy.

Some drivers have reported seeing gas station prices under $4 a gallon.

"Because of the degree of refinery challenges we saw in mid-September with all of those unexpected outages and maintenance happening, there was just a huge skyrocket in price because supply was very, very tight," said Patrick De Haan, head of petroleum analysis at GasBuddy.

He said part of this can be attributed to Gov. Gavin Newsom's recent requirement that allows the state to transition to winter gasoline earlier than expected.

Shop around

Now that the prices are decreasing, De Haan says this is the time to shop around and be selective.

"What you really want to do when prices are going down this quickly is not to put your senses away in terms of just pulling into a station," he said. "You want to make sure that you're going to a station that has really lowered its price."

De Haan also recommends downloading apps that show you gas prices near you such as GasBuddy, Google Maps and Waze.

"You could find that just driving about half a mile up the street could save you 50 cents to $1 a gallon," he said.

Loyalty programs

Gas stations have a range of gas loyalty cards and programs that can save you even more money at the pump, whether it is a rewards program or connected to a debit or credit card.

"Some stations offer cash discounts, some will make you pay more if you pay with a credit card, GasBuddy also has a GasBuddy card that can save you 25 cents a gallon as well," said De Haan.

Watch your fuel tank

De Haan says he foresees the downward trend will continue, so right now he suggests you fill up just what you need.

"For the next few weeks, don't be in a rush to fill up your tank. That same station could lower its price the very next day."

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All week Eyewitness News is sharing tips on how you can keep more of your paycheck. Watch ABC7 at 5 p.m. this week for more ways to save money.