Many people have asked- is there a better day of the week to purchase gasoline? Do the numbers and data support this? The short answer is yes- there are days that are statistically better for cheaper gasoline. While I'm pouring over GasBuddy data that goes back nearly a decade, I'll tell you the basics.
Gasoline prices do vary, constantly rising and falling, and typically prices are more stable in the early parts of a week (Monday and Tuesday). Thursday and Friday are when prices are more likely to rise, perhaps as a result of the Department of Energy report that is usually released Wednesday morning.
For now, I can tell you that in 2009, when comparing Monday and Friday, odds were almost two to one that prices were higher on Friday than on the previous Monday. While there is much data to process and calculate, a few simple tips that everyone can do will save you money. (READ MORE!)
First, watch the price of crude oil. If it rises or falls more than a dollar or two, gasoline prices are likely in the days after to follow oil, up or down.
Second, time your fuel purchases when possible. Avoid filling up at the peak of climbing prices when possible and combine lesson #1 from above to figure out if future prices will fall or rise.
Third, watch the stock market. Lately, oil has been closely connected to what stocks do as we're in recovery mode. If stocks go higher, it is likely that oil prices will follow. Also if the dollar weakens, it will pull oil prices higher.
Ultimately, many say that they don't come out ahead or behind just by purchasing fuel when they need it. I personally believe that since I don't do much driving that I can save hundreds of dollars over a few years just by being smart and timing fuel purchases right- and that my friends, is what its all about.
Look for more data coming soon on this matter- it will take some time for me to analyze it all!
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