Nov 20, 2007 3:27 pm US/Eastern
Saving Green: Saving Money At The Pump
MIAMI (CBS4) ―
It seems everyday South Floridian's wallets come under attack from a variety of source; rising gas prices, property taxes, insurance, the cost of groceries and the list goes on and on.
But there are a few simple things that can be done which could ultimately save consumers more than two thousand dollars a year at the gas pump.
"Many people believe that the oil companies like high oil prices. That is not the case," said Jorge Pinon, former Amoco President for Latin America. "High oil prices open the door to alternative fuels."
Pinon now works for the University of Miami as a senior fellow.
"Somehow we have to change our culture," said Pinon, "it's very difficult to do and sometimes it just has to hit us in our pockets."
Pinon says the first step for drivers who've had enough "pain at the pump" is to change what they drive. For example, Pinon said people who drive 15-thousand miles a year in big SUVs, like the Ford Explorer and pay $3 dollars a gallon at the pump, are spending about $3-thousand a year for fuel. If they were to switch to a hybrid, like the Ford Escape Hybrid, the average yearly fuel cost would drop around $12-hundred.
Drivers who don't want to, or can't afford to, buy a hybrid vehicle but still want to save should consider carpooling.
"The main thing we save is HOW WE TRAVEL, in other words carpooling offers us big savings... the biggest savings" said Pinon.
Going back to the Ford Explorer as the example, Pinon says carpooling to work with just one other person can save drivers $1,071 a year. Add a second person and the savings skyrocket to $15-hundred a year, which amounts to "hybrid savings" without having to buy a new car.
Pinon adds that drivers who change the way they drive will also see savings.
"The Palmetto expressway is the worst thing that can happen to us," said Pinon. "Stop and Go, city traffic, idling traffic, consumes 10 to 15 percent more gasoline"
Miles per gallon also decreases at speeds over 60 miles per hour.
Pinon says changing the way drivers purchase fuel can add change to their pockets.
"I think one of the biggest issues between the oil companies and the consumer is the temperature at which gasoline is sold," said Pinon.
The warmer the day, the more gasoline expands. The earlier you shop for fuel, the more you get. Pinon says the difference between 7 a.m. and 7 p.m. can be as much as 6-percent.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
Click to enlarge
Stumble It!
Reporting
