New Study: Nearly 40% of Americans Overpay for Gasoline

We get it: When you’re behind the wheel and short on time, shopping for the best gas price may not be a priority. But findings from a new study say that what we save in time might as well be siphoned from our wallet.

As average gasoline spending for U.S. households in 2020 is expected to near the $2,000 mark, fuel-pricing site GasBuddy says Americans are wasting quite a bit of that money.

A recent study by the company indicates that if you’re not careful, you could be overspending at the pump by nearly $200 each year.

To come up with the figures, GasBuddy compared gas price information from its app with data from its proprietary Pay With GasBuddy fuel transactions in the top 50 U.S. metro areas from December 8-14, 2019.

The results show which cities’ drivers are paying too much at the pump. Here is where people are overpaying the most:

Top 10 Cities Where People Are Overpaying the Most for Gas

U.S. City Average Gas Price Average Amount Overpaid Per Gallon
Indianapolis, Indiana $2.41 $0.37
New Orleans, Louisiana $2.27 $0.35
Detroit, Michigan $2.97 $0.33
St. Louis, Missouri $2.36 $0.31
Columbus, Ohio $2.48 $0.30
San Antonio, Texas $3.63 $0.28
Raleigh, North Carolina $2.23 $0.28
Virginia Beach, Virginia $2.62 $0.28
Phoenix, Arizona $2.47 $0.27
Milwaukee, Wisconsin $2.45 $0.27

See the full list of cities that overpay here.

Here’s When People Are Overpaying the Most

The study also has data on when motorists are spending more than they should for gasoline. Here are the days of the week people are overpaying most often:

Rank Day Of The Week Average Percentage Of Drivers Who Overpay
1 Tuesday 37.27%
2 Sunday 37.02%
3 Thursday 36.88%
4 Saturday 36.61%
5 Friday 36.57%
6 Wednesday 36.31%
7 Monday 36.25%

Final Thought

If you want to find the cheapest gas, you’re going to have to use tools to shop around. With apps and other technology available today, that shouldn’t take a lot of time.

Finally, don’t let your tank get low to the point where you have to pull over at the closest station and overpay.

If you want to save more at the pump, here’s the best day of the week to buy gas.

More Money-Saving Resources From Clark.com:

The post New Study: Nearly 40% of Americans Overpay for Gasoline appeared first on Clark Howard.

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