There’s a lot of tension between the US and Venezuela right now. You know what else there’s a lot of in Venezuela? Oil. Here’s a chain reaction that could impact your wallet:
Venezuela...is dealing with US sanctions, a struggling economy, and a fight over who the president should be. Just a few small issues. All of that has hurt their oil output, which hit a new low last month.
OPEC...is the organization in charge of managing oil output from its ‘member countries.’ Like Venezuela. And a lot of other countries dealing with their own, big issues (see: Iran and Libya). If political drama leads to lower global oil supply, OPEC has the tough job of figuring out how to stabilize the market.
Your gas prices...can fluctuate based on OPEC’s moves. Low oil supply, high demand means higher gas prices. High supply, low demand means lower gas prices.
theSkimm: What happens in oil-rich countries doesn’t stay in oil-rich countries. But even though you don’t have control over your own gas prices, there are short-term ways to save. Download an app like GasBuddy to find the cheapest gas in your area. Hint: It probably won’t be at a station near the highway. Another hint: If the one you pick charges an extra fee to pay with a credit card, use cash. And consider signing up for a gas loyalty program, which you might get through a rewards credit card or even as a perk for shopping at certain grocery store chains.