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Most Americans might wonder what the hell Iran has to do with me? But apparently, a whole lot, especially if you own a vehicle that is powered by gas.

Diplomatic tensions in the region have resulted in the potential halt of oil supplies leaving the Strait of Hormuz, where 40% of the world’s oil shipments come from. What does this mean for you? Well, some experts are predicting that gas prices can reach as much as $5 per gallon this summer if tensions do not subside. Currently, the national average is $3.65 per gallon and prices are already over $4 dollars in places like California.

What does this mean for your pocketbook?

Many folk will have to cut corners as a result of the rising gas prices. Here are 5 things you may consider doing, to cut the cost of oil prices in a practical way and keep a little change in your pocket.

  1. Carpool to work. Do you have friends or co-workers who travel in the same direction as you to get to work? Get a carpool going, it’s a quid-pro-quo arrangement that helps everybody out.
  2. Walk or use public transportation whenever possible. This is especially easy when you live in a metropolitan area.
  3. Check out websites like www.gasbuddy.com to locate the cheapest gas prices in your neighborhood.
  4. Ride a bike. Obviously, this does not suit everyone, particularly if your dress code at work is not conducive with riding a bicycle. But for those who work in a casual environment, this could be a great alternative.
  5. Negotiate working remotely. A closed mouth does not get fed, and much of our work can be done from the comfort of our own home via the web. Talk to your boss or direct supervisor about working from home a few days a week.
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