Gasoline pump prices are currently at a 19-month high and are expected to continue rising right into the Memorial Day holiday weekend, the traditional start of the summer driving season. The national average price for a gallon of regular gas Wednesday morning was $2.401, down about a penny compared with last week’s price, but up more than 11 cents in the past month and 26 cents higher compared with the price a year ago.
In a new study released this morning, researchers at GasBuddy concluded that the best day of the week to fill up your tank is Monday. The research indicates that the best day to gas up can change from year to year and from state to state, but fueling up earlier in the week (Monday or Tuesday) can lead to savings for many drivers.
GasBuddy’s senior petroleum analyst, Patrick DeHaan, noted:
The rise in average prices towards the weekend could be to blame on an influential report from the Energy Information Administration (EIA) issued weekly on Wednesdays, which could push prices higher the day after, depending on if data in its report is as expected or a surprise. Since commodities trading isn’t active over the weekend, it typically allows stations to ‘let it ride’ over the weekend, culminating in lower prices by the start of the work week.
The worst days of the week to buy gas are Thursday and Saturday. According to GasBuddy, if every U.S. driver bought gasoline only on Thursday for an entire year, they would pay $1.1 billion more than if they all gassed up on Monday.
Here are some data points from the GasBuddy study:
- In 2017 so far, Monday is the best day of the week in 23 states.
- In 2016, Monday was the day featuring the lowest average gasoline prices in 36 states, while eight states saw Tuesday as the victor.
- In 2015, Monday saw the lowest gasoline prices in 22 states.
- In 2014, Wednesday was the day of the week offering the lowest average gasoline prices.
By paying attention to the data and shopping around for the lowest price, the average motorist can save $325 a year on gasoline spending.