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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  • Duke

    For a little perspective, check the price of gas in countries outside the U.S.

    • CD86

      And then what?

    • Greg

      It’s Obamas Fault:

      “There is no magic formula to driving gas prices down,” the president also said Wednesday. Maybe so, but Obama has figured out a pretty good formula for driving gas prices up. Immediately after taking office in 2009, his interior secretary, Ken Salazar, canceled 77 previously approved leases for oil and gas development in Utah. In February 2010, the Environmental Protection Agency mandated that consumers buy 36 billion gallons of renewable fuels (like ethanol) by 2020. By July 2010, the White House banned drilling in the Gulf of Mexico in the wake of the Deepwater Horizon disaster. The ban has since been lifted, but only half a dozen permits have been issued despite hundreds of pending applications. Now the Energy Information Administration projects a 13 percent decline in off-shore oil production this year.

      Obama has also banned offshore oil development outside the Gulf for seven years. Salazar has promulgated new rules making it more costly and difficult to develop energy resources on federal land, and the EPA — while slowing development of a cross-country pipeline that would expand U.S. access to Canadian oil — is moving forward with a cap-and-trade energy tax program that Congress rejected in 2010.

      What Obama didn’t say to the man with 10 kids was what he said in a January 2008 interview with the San Francisco Chronicle: Under his administration, “electricity rates would necessarily skyrocket.” And he said nothing about his energy secretary, Steven Chu, who told the Wall Street Journal that “somehow we have to figure out how to boost the price of gasoline to the levels in Europe.” At the time, gas was selling there for $10 a gallon. That’s two campaign promises Obama is well on his way to keeping.”

      – Washington Examiner

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