MEMPHIS, Tenn. — It's going to be hard to find gas under $4 per gallon this summer in Memphis.
Overnight, gas prices reached an all-time high in Memphis. Tuesday, AAA released that the average price of gas is $4.15 a gallon. That's an 18-cent jump from last week.
The national average is breaking record highs too. The national average is currently sitting at $4.36 per gallon. The previous record national average was $4.35 per gallon, which was recorded on March 10 after the Russian invasion of Ukraine began, according to GasBuddy.
GasBuddy predicts the price for gas will remain above $4 through November. This is because the price of crude oil is more than $100 a barrel whereas a year ago it cost about $65 dollars.
What's mostly driving crude oil prices is Russia's war in Ukraine, but there are other factors negatively impacting gas prices.
COVID lockdowns in China are raising concerns about softening demand for oil. In response, Saudi Arabia cut oil prices for buyers in Asia. That’s causing fluctuations in the global market.
There is also a truck driver shortage, which is making it difficult to get the fuel from the storage tank to the gas station. Right now it’s more expensive to deliver the fuel, and that’s reflected in the price of a gallon of gas.
To find gas prices near you click here to put in your location, or download the GasBuddy app.
Since GasBuddy doesn't expect gas prices to drop anytime soon, here are a few ways you can save at the pump.
1. Use a gas price app
If you download the free GasBuddy app on your smartphone, it will show you the cheapest gas prices wherever you are. As of Tuesday morning, these are some of the cheapest gas stations around Memphis.
- CITGO - 630 N Highland St. Memphis, TN | $3.89
- MAPCO - 2120 Frayser Blvd Memphis, TN | $3.99
- Tiger Mart - 1192 Jackson Ave Memphis, TN | $3.99
- Valero - 1159 Chelsea ave Memphis, TN | $3.99
- MAPCO - 459 East EH Crump Blvd. Memphis, TN | $3.99
- Exxon - 4675 US - 61 Memphis, TN | $4.01
- EZ Express - 2380 Frayzer Blvd | $4.05
- BP - 3441 S 3RD St, Memphis, TN | $4.09
Also through the GasBuddy App, you can enroll in their gasoline savings program which gives drivers a discount on every gallon of gas they will ever pump. Drivers can join Pay with GasBuddy for free and save on every gallon of gas they pump. Click HERE to learn more.
2. Choose a good rewards program or credit card
There are dozens of reward programs that allow drivers to earn points just for going about their daily lives. Below are a few programs you should look into.
- Earn a point for every $0.25 you spend in a RaceTrac store and a point for every gallon you purchase with RaceTrac’s fuel rewards program. Use the rewards card with the RaceTrac app to gather and track points, then redeem the points for free stuff.
- Link your credit card to your Shell Fuel Rewards card to earn $0.10 per gallon for every $50 you spend at a participating restaurant. Also, you can earn $0.05 per gallon on each fill-up when link your Shell Fuel Rewards account with your Dunkin’ DD Perks account. You'll also earn points on fuel after purchasing 5 beverages.
- Join the Kroger Fuel Rewards to get rewarded for grocery purchases at Kroger. Get 1 fuel reward point for every dollar spent. Earn 2x points when you purchase Gift Cards. Every 100 points earn you $0.10 off a gallon of gas. Get qualifying prescriptions filled at Kroger for 50 points each.
- Earn 3 points for every gallon you pump at Exxon stations with the Mobil Rewards+ program, and 2 points for every $1 you spend in the store or on car washes. Once you reach 100 points, you can use those points for qualifying purchases – every 100 points equals $1 off your total. Points do expire after a time, though.
- With Circle K Easy Fuel Rewards Program, you earn 10 points per gallon on gas purchases and 20 points per dollar spent on store purchases like food and alcoholic beverages. For every 2,000 points you bank, earn $2 in Circle K Cash (for a rewards rate of 1,000 points per dollar). Members get other benefits like different club offers and special savings and entries into sweepstakes and rewards.
3. Buy from a warehouse club
Filling up at one of the warehouse clubs is a great way to save if you don’t mind the trade-offs, such as membership fees and long lines. Costco typically sells its gas about 20 cents below the market average. But keep in mind that you have to offset a $60 yearly membership fee.