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#OverhypedStress Gas Prices!

By Friday October 22, 2010

#OverhypedStress Gas Prices!

I always find it amazing that when the news announces that gas prices have dropped by 5 cents, and you can find people all over the city flocking to their nearest gas station to fill up like they’ve struck the lottery. But honestly – Is a $0.05 decrease in gas prices really anything?

#YouAreSayingNonsenseWest

Really? If the core of your #PlanToSaveMoney revolves around the concept of #HittingThePumpsWhenThePriceIsLowest – Then I think you should re-evaluate potential ways to save money.

Let’s take a look at some figures to see exactly what West is rambling on about. Below is just some figures that I am going to be using in my explanation here, general breakdown.

  1. The average car gas tank holds 16 gallons/60.57 Litres
  2. If gas were to cost 1.00/litre (#ImCanadian), then a full tank of gas would cost $60.57
  3. If gas were to cost 1.09/litre (A 9% increase – Canada’s gas price has only rose by 7.7% since the last year – Source), then a full tank of gas would cost $66.02
  4. A 9% increase in the price of gas costs a purchaser of gas $5.45 more

Ya’ll follow me so far? So if gas increases by 9% (Which it hasn’t even done in the last year), then you’d be paying $5.45 more at the pump. Let’s introduce some more information.

  1. Say that the average driver fills up their tank once a week
  2. That would amount 52 fill ups per year (once per week)
  3. So 52 fill-ups multiplied by $60.57 (Price at 1.00/Litre) is $3149.64
  4. And 52 fill-ups a year at $66.02 is $3433.04
  5. That means that every year, you are paying a difference of $283.40/year

Really? You mean to tell me that savings of $283.40/year (And that’s me actually exaggerating that figure) merits: An entire section on the news, people going crazy over $0.04 increases, and consistent watercooler talk about how much we hate gas prices? Like I get that you would be upset (Who wants to waste $283.40 cents a year on increased prices…although we waste a lot more per year on nonsense).

I spend $405.60/year on coffee (Need a morning double-double to last at least 5 of the 7 days of the week), give me something I should care to complain about.

Do you REALLY want to save some money? Read my article on how credit cards can benefit you here!

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  • Guest

    But that is almost $300 that i shouldn’t have to pay on gas. that’s the problem. I should be able to spend that on what I want.

  • Brianna

    i like this one, makes me think

  • T-West

    But Guest – Regardless of what we do, the prices of gas are going to rise. The demand for oil is consistently increasing, and the quantity supplied of oil is decreasing (As it isn’t a a renewable energy source). I think this is just something we are going to have to accept.