Fuel prices are skyrocketing and it is leaving many consumers to ask, “What should I do?” Being prepared is really about reducing the impact of external events on your everyday life. As with many aspects of preparedness, your ability to DO something today to reduce the impact of rising gas prices is limited but that shouldn’t stop you from taking the steps below as quickly as possible.
“The best time to plant a tree was twenty years ago. The second best time is now.”
Age Old Wisdom
First, reduce the amount of fuel you are using.
- Take advantage of remote work
- Reduce the number of days you go in the office
- Car pool, even if it only gets you close and you still have to walk a few blocks
- Combine trips to reduce the overall miles driven
- Consider public transportation
You may want to consider selling a bigger, gas-guzzling vehicle now while used car prices are high, hold on to that cash, then buy a smaller, more fuel-efficient vehicle later.
Second, SAFELY buy and store fuel. Fuel prices are likely going to stay high for quite a while. Buying fuel at today’s prices is a good hedge against tomorrow’s increase. Just be sure to store it SAFELY, OUTSIDE, and away from prying eyes!
You can even combine these strategies by reducing the amount of fuel you use but continuing to purchase the same amounts and store it for future use. This is a form of dollar-cost-averaging and reduces the overall amount you will pay for fuel in the long-term.
Other Fuels
In addition to fuels for our vehicles, the current crisis will also have an impact on natural gas and heating oil. Thankfully we are nearing the end of a heating season so you have the whole summer to work on applying the same principles above to your other fuel needs.
Demand for alternative heating fuels like kerosene will be lower this summer…so buy up all you can find and safely store (am I hammering the SAFELY requirement too much?). The price of kerosene heaters will also be lower during the summer.
The current stock of propane and smaller propane bottles like you typically find in the camping supply sections will be less expensive.
More To Come
As if gas prices doubling in just a few months wasn’t bad enough, this is just the first-order effects of the fuel crisis. Transportation costs for our favorite consumer products will be higher, driving the price we pay at the register higher.
If restrictions on domestic production are not eased and the global supply is restricted by conflict, we will likely see shortages as well…at any price.
How To Respond
The good news is that we still have time…you can still plant a tree today! Even if your efforts are very small, the build up over time! The strategies above will work for any staples. Pickup an extra package of your favorite pasta or can of soup. Having SOME supplies on hand is better than being hungry!
Take stock of where you are spending your money today and ask yourself, “In a moment of crisis, would I rather have this (cup of coffee) or a week’s worth of pasta and sauce?” It’s about priorities!
Next Steps
If these sound like good idea but you still have questions, that’s normal. We’ve all been there and we’re here to help. Just regular people taking practical steps to be ready for life’s next surprise. Use the link below and join us, look around, ask questions…you’ll be glad you did!