When's the best time to buy gas?
Hint: It has nothing to do with the temperature outside.
Photo: Tony Case/Flickr
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When's the best time to buy gas?Hint: It has nothing to do with the temperature outside.By John PlattMon, Mar 14 2011 at 2:19 PM EST
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Photo: Tony Case/Flickr With gas prices soaring, and now at the highest levels we've seen in years, we are all looking for ways to save money at the tank. The best way to do that could be by timing your purchases properly, say experts.
The time of day can also be a factor in gas prices. According to Brad Proctor, founder of GasPriceWatch.com, a price-comparison website for consumers and corporate fleets, the best prices are mostly likely to be found before noon. "In any given community, especially major towns, there's going to be a big player in gasoline," says Proctor. "These are the company-owned stores, and they have a process where their managers come in every morning with a list of their competitors' prices." The pricing data is sent from each store to a central corporate data center, where it is used along with other information like cash flow, market costs and the stock market to set the day's prices for the entire chain. "This is generally done first thing in the morning," says Proctor.
Once the big players set their prices, the other stores in the area follow suit. "You get a couple of organizations like Sam's which will hold their prices for 24 hours," says Proctor, "but everyone else will jack theirs up right away." He says you generally have an hour or two before all area stores are selling gas at pretty much the same price.
You might think holding prices down would be a good competitive move for these smaller stations, but Proctor says maintaining price parity is actually a survival method. "If they're selling at 20 cents below the station across the street, they're going to have a run on gas, and they're going to run out." If that happened, it could be days or even a week before they get a new delivery of gasoline, since these smaller companies don't get delivers as often as giants like BP or ExxonMobile.
Once prices rise, they come down more slowly. "That's natural competition," Proctor says. "It's the normal cycle of what happens. But when it goes up, it tends to go up big," so he says filling up in the morning is still the safest bet for your wallet. "When I win and save money, it buys me lunch that day every time."
Does morning shopping provide another economic incentive? Many people believe that buying gas when it is cooler outside, like in the morning or the evening, will save you money. Proctor says there is a science behind it, but colder temperatures won't give you enough extra volume of gasoline to make a major difference.
Picking the right day to buy can result in significant savings, said Jason Toews, co-founder of GasBuddy.com, another site which helps consumers compare local gas prices. "Wednesdays are the best day of the week for cheap gas prices," he told Kiplinger's Personal Finance. "Stations tend to raise prices on the weekends and especially during the summer." So avoid filling up on peak travel days and stick with the middle of the week if you can.
Making the right decision about where to buy can also potentially save you money. GasBuddy has several money-saving tips on their site, such as buying gas from suburban stations, rather than in affluent metro areas, where prices will tend to be higher. In addition, gas stations on the freeway or near major exits will also tend to have more inflated prices.
Other good ways to save money on gas, according to MNN's Russell McLendon, include keeping your speedometer below 60 mph, avoiding idling, and making sure your gas cap is securely tightened to avoid any evaporation.
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Comments
Eric
04/10/2011 12:50 PM
For all you Smokers out there its not just the cost of smoking but the gas it takes to get to the store just to kill your self once you get there. Save gas and do what I did stop the butts and just get what is called a E -cig it worked for me no more trips to the store wasting gas.and I am saving $3000 a year and who knows how much on gas.I found one of them momandpopvaporshops.cpm on line and it works!
Sunspot
03/25/2011 09:00 AM
Gas and oil are finite. They will run out. The world is likely around Peak Oil, which means worldwide production will start to drop soon. This will increase competition for what's left, and higher prices and shortages will result. At the first hint of shortages people will panic-buy what's left and drain the gas stations in no time.
...
03/25/2011 03:08 AM
.. because your neighbor is probably still asleep, and all you need is a piece of rubber hose and a bucket,,
dave262
03/24/2011 23:04 PM
I purchase roughly 1000 gallons of gas per year. If I save a $0.10 per gallon by buying my gas on Wednesday morning instead of Saturday afternoon, I'll save a whole $100 per year. If I can earn 4-5% interest per year, I'll be able to shave several days off my retirement.
Anonymous
03/24/2011 21:34 PM
"First, the best time to buy gas is a moot point if you need it RIGHT NOW. If you can't wait, you can't wait." I have a new prius; I can drive 50 miles to neighboring state where gas is twenty cents cheaper if I want and it is STILL cost effective to fill up (if I felt like doing that)... If you have an SUV, you are a hostage to petrodictators here and abroad.
Gerald Broflovski
03/25/2011 01:31 AM
You know, the emissions from a vehicle like yours causes irreparable damage to the ozone. I drive a hybrid. it's much better for the environment. Thaaaaanks.
David York
03/25/2011 08:55 AM
The emissions from your hybrid car also cause irreparable damage. Ozone has nothing to do with it, it's about the CO2. Emissions are slightly less in a hybrid than an SUV, but it's the same problem either way.
Hybrid Driver
03/25/2011 09:37 AM
An SUV that gets 17 MPG uses 3X as much fuel and produces 3X more emissions than a 51 MPG hybrid. 200% more emissions is not slight!
paradigm shift
03/24/2011 21:32 PM
never...
runswithbeer
03/24/2011 17:28 PM
I never buy gas at Exxon. EVER.
Alex
03/24/2011 14:49 PM
First, the best time to buy gas is a moot point if you need it RIGHT NOW. If you can't wait, you can't wait. Second, I don't know about the rest of the country, but the gas stations I pass every day to and from work have all had the same prices now for the past 3 or 4 days, so there goes that argument. On the flip side, I recently passed up on buying gas from a station because their price was higher than one near work. When I went to buy the next day, BOTH stations had jacked their.... More
Alex
03/24/2011 14:22 PM
First, the best time to buy gas is a moot point if you need it RIGHT NOW. If you can't wait, you can't wait. Second, I don't know about the rest of the country, but the gas stations I pass every day to and from work have all had the same prices now for the past 3 or 4 days, so there goes that argument. On the flip side, I recently passed up on buying gas from a station because their price was higher than one near work. When I went to buy the next day, BOTH stations had jacked their.... More
Vanishing World
03/24/2011 12:08 PM
The article is very misleading and delusional. It really should be about "HOW TO BUY LESS GAS". We depend on very limited natural resources, very limited nature and animals to survive. Pollution, eating species into extinction and
Scott Jacobs
03/24/2011 14:01 PM
Are you huffing glue at this exact moment in time? I hope you're not populating the earth. You get up on your soap box and point your finger at everyone else. If you have electricity in your house that doesn't come from wind, air, or solar, you my friend are a hypocrite. You wear leather shoes? Leather doesn't grow on trees the last time I checked. Do us all a favor, keep your coments to yourself.
Vanishing World
03/24/2011 18:20 PM
Leather clothing has nothing to do with exponential propagation of most vicious predator (human). Breathing glue, you said? My "house"? We do not need to build anymore houses. "Point my finger"? I am not pointing finger: only stating scientific facts and what to do about it: stop propagating like rats. PS: I have never done dope in my life, no alcohol, etc. I have a University degree: I only state what I learned. Whether you agree or not - the readers are the judges, not you. You wish you could.... More
railcon
03/18/2011 22:26 PM
Now this isn't very scientific but it is a really good idea that most kids have problems with.....but the best time to buy gas is before you run out! We all need it, we all use it, so get over it....pay the price cause the oil companies are not going to lower the price, they have to get richer at our expense and the gas stations have to gouge out our eyeballs! That's just the way it goes. If you don't like it, walk.
motorman
03/18/2011 21:03 PM
i have 3 stations near me and their prices change days apart either going up or down. the one on the main highway changes first because of the traffic and the ones in town change later because they are in competition with each other.
motorman
03/18/2011 20:53 PM
since most all gas station tanks are under ground the temp of the fuel does not change. bulk distributors have to compensate for temp because their storage tanks are above ground and subject to temp changes
Valerie Kramer
03/18/2011 12:46 PM
You reported that Proctor said, "When I win and save money, it buys me lunch that day every time." I don't know what they charge for gas or how much he buys but even if my pump price jumps 10 cents and I put in half a tank, or about 12 gallons, that's only a savings (or loss) of $1.20. I'm afraid that Happy Meal is going to be short more than a few fries!
Barc777
03/18/2011 17:04 PM
You have a 24-gallon tank? Geez. I try to watch prices for my Scion, and it only has an 11.9-gallon tank... I even use a retailer's shopping card and the affilliated gas station to save three cents a gallon.
Anonymous
03/16/2011 07:49 AM
Never use gas; get off gas. buy electric scooter to get groceries if you are old and can't ride a bike; live close to work ... Otherwise, thanks to new rules allowing even more engine damaging ethanol you will be forced to buy a new car (and this has nothing to do with Obama but more to do with GOP not diversifying and continuing to support dictators and continued siphoning of American tax dollars to wasteful industries (ethanol), as if big oil and coal haven't stolen enough for their.... More
Gene
03/24/2011 13:04 PM
Great idea! We'll all move closer to work to save on gas. How about those who live close to work but can't ride anyways because of safety and rotten drivers. Go to your front door and slam it on your head. You should work at NASA.
David Horton
03/18/2011 09:36 AM
Wow, you need to get your facts straight. I am 70 and your comment are way out in left field. go drink some more Kool Aid
eyeamImran
03/16/2011 02:14 AM
the best time to buy gas would be when people have switched to alternate sources of energy and the supply of gas is way, way more than the demand. and as we all know in that case, the price would just be low, of course by then it may be illegal to use gas ~
29
03/16/2011 01:00 AM
as a master jockass, when people make up stuff on the spot it tends to be wrong, even when pretending to be a master chemist, indicating no one of any vaginal knowledge would care.
KWarner197
03/16/2011 00:14 AM
"However, where you guy gas can potentially save you money." Read that again please....
The_Mick
03/15/2011 12:45 PM
As a master chemist, when all the "buy in the cold morning" nonsense was being pass around, I noticed the nozzle of the gas pump got just as cold no matter what time I pumped gas, indicating no one of any real scientific knowledge originated that claim. Add your commentSign in with one of these accounts or just add your comment below. |
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