If you’ve pulled into a gas station recently, you’ve felt the sting. Since the conflict in Iran began at the end of February, we’ve seen crude oil eclipse $100 a barrel for the first time in years, with pump prices in some parts of the U.S. and Canada jumping 20–30% in just two weeks. I personally filled up a few days ago at $1.50 a liter, when just a few weeks ago, it was as low as $1.10!
The reason, if not already obvious enough? The Strait of Hormuz. This narrow waterway carries roughly 20% of the world’s oil. With traffic there effectively at a standstill, we are facing a “supply shock” that hits every sector from groceries to transit.
As this crisis continues to unfold—and may worsen before conditions stabilize—there are practical steps you can take right now. Here’s how to protect your budget while the global energy market remains in full “panic mode.”
1. Master the “Eco-Driving” Mindset
You don’t need a new car to save 15–30% on fuel; you just need to change how you drive the one you have.
- The “Egg” Rule: Imagine there is an egg between your foot and the gas pedal. Accelerate gently and coast toward red lights. “Jackrabbit” starts are the #1 enemy of your fuel economy. I learnt this over a decade ago and it stuck with me, and has since helped me save thousands of dollars on fuel.
- The Sweet Spot: Most vehicles are most efficient between 50 and 80 km/h. On the highway, dropping from 120 km/h to 100 km/h can save you up to 20% in fuel—a massive difference when gas is at record highs. If you feel rushed by others, try staying on the right lane instead of being on the faster passing lane on the left.
Bonus: speaking of driving, how about simplifying the savings by simply driving less; where and when possible. For example, combine as many trips as possible, and eliminate any non-necessary trips that is more than 25 KM long.
2. The “3-Minute” Maintenance Check
A poorly maintained car is essentially a leaky bucket for your money.
- Check Your PSI: Under-inflated tires increase rolling resistance. Checking your tire pressure once a month can improve your fuel efficiency by up to 4%.
- Clean Out the “Storage Unit”: For every 50kg (110 lbs) of unnecessary weight in your car, your fuel consumption rises by 1%. Take out the winter salt bags and empty the trunk. This is another thing I learnt about long time ago and has consistently used to save on gas. It is almost second-nature to me by now.
3. Timing is Everything (The Midweek Strategy)
Gas prices typically fluctuate based on weekly demand cycles.
- Fill Up Midweek: Gas prices typically dip on Tuesdays and Wednesdays as stations adjust to early‑week market trends. For the best chance at lower prices, fill up in the evening, although this may vary in some areas where the opposite is true.
- Don’t Wait for Empty: If you wait until the light comes on, you lose your “bargaining power.” You’re forced to buy at the nearest station, not the cheapest one. Use apps like GasBuddy to scout prices 24 hours before you actually need to fill up. In fact, the lower you are on gas, the more gas your car consumes to make up for the lower fuel available: avoid this vicious cycle by filling up before you reach the last 5-10%.
4. Leverage Your “Plastic”
If you have to spend the money anyway, make sure you’re getting something back.
- Gas Rewards: Check if your credit card offers elevated cash back for fuel. Many Canadian cards offer 2–4% back or significant point multipliers at specific stations.
- Loyalty Stacking: Use a station’s loyalty card (like Shell Go+ or PC Optimum) alongside your rewards card to “double dip” on savings.
The Bottom Line
Geopolitical events are out of our control, but our “Budget Sense” is not. By combining smarter driving habits with strategic maintenance and rewards, you can offset much of the “Iran War Premium” at the pump.