What determines gas prices?

According to the U.S. Energy Information Administration, the biggest determining factor of gas prices is the cost of crude oil. Oil costs nearly $100 a barrel, driving up the price for a gallon of gas. Various involvements and rising tensions in the Middle East, the source of one-third of the world’s oil production, and the improving U.S. economy also contribute to the rising prices. Other cost factors are taxes and refining, distribution and marketing costs.

As gas prices climb to nearly $4 per gallon, Kent State students may be feeling the crunch. In addition to paying for tuition, textbooks, rent and life’s other essentials, they must handle filling their tanks for $30 to $60 or more.

Rachel Romano, sophomore classical civilizations major, commutes to campus from Cuyahoga Falls. Her drive is 20 minutes, plus another 20 to work in Hudson. Romano said the daily commutes get expensive to manage.

“I drive about two hours most days with traffic and all,” she said. “I fill up once every four or five days, and the last time I filled up it cost $40.”

Of the $700 she makes per month, Romano said $160 to $200 goes toward gas. She said she’s had to cut down on driving and will even move closer to campus next school year to cut costs.

“I don’t really drive anywhere other than work or school,” Romano said. “I usually just stay at home now, which sucks. And I never drive home on my breaks to eat anymore, I just stay at work.”

Romano is not the only frequent driver: More than 75 percent of Kent State students commute and many students hold an off-campus job, according to the commuter students page on the Kent State website.

But hope isn’t completely lost when it comes to paying for that tank of gas. Consider the usual cost-saving tips: carpool, take the PARTA bus, drive slower, don’t blast the heat or air conditioning and don’t let your tank get to empty before filling up.

Just following these wallet- and earth-friendly tips may not be enough as gas prices climb, so consider the following rewards systems to earn cash back and discounts on gas.

Shell Platinum MasterCard (Citi Bank)

If you’re a big spender or use credit to purchase big items like textbooks and gas, consider a Shell credit card. For every billing cycle you spend $500 or more, receive 10 cents off per gallon on the first 100 gallons of Shell gasoline purchased with the card during the next billing cycle. Savings when filling a 15-gallon tank once a week: $1.50/week, $22.50/semester

Shell $aver Card:

This card links to your checking account and saves 2 cents on each gallon of Shell gas. According to Shell’s website, it is not a debit card but works like an electronic check. Savings: 30 cents/week, $4.50/semester

BP Consumer Credit Card:

The first 60 days with this card earns 25-cents-per-gallon rebates for every $100 in purchases. After that, save 15 cents per gallon in rebates for every $100 of BP gas and 5 cents per gallon for every $100 of everyday purchases. Redeem accumulated rebates at the pump or on your credit card statement. Savings: $3.75/week first month, $2.25/week after that, plus savings from everyday purchases (varying)

Giant Eagle Advantage Card and fuelperks! Credit Card:

If you frequent Giant Eagle for groceries, tie it to gas discounts. Sign up for a Giant Eagle Advantage Card in-store or by calling 1-800-553-2324. Every $50 spent with the card earns 10 cents off every gallon at GetGo. The fuelperks! credit card earns another 4 cents off per gallon of GetGo gas for every $50 spent at Giant Eagle. It also earns 4 cents per gallon for every $100 spent in fuel at GetGo. Savings: $1.50/week + 60 cents/week + 60 cents/week = $2.70/week

Contact Kelli Fitzpatrick at [email protected].