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NEW YORK (CNN/Money) -
Ever since Hurricane Katrina and Rita, we've seen the highest gas prices ever while oil companies have seen their profits soar. As U.S. senators grill oil company Big Wigs from ExxonMobil and Shell, today's 5 tips lets you in on how to fight back at the pump.
1. Put it in Perspective
We've all gotten used to feeling the pinch at the gas pump. And while our daily decisions about where to fill up may seem trivial in the scheme of things, let's look at the whole picture.
ExxonMobil (up $0.01 to $57.38, Research) made about $75,000 per minute during this quarter according to the Wall Street Journal. It was the biggest quarterly profit of any company EVER. Shell (up $0.15 to $61.31, Research) and Exxon (up $0.01 to $57.38, Research) combined quarterly income outpaced Denmark's economic output in all of last year.
2. Use your power over gas gougers
Nothing may burn you up more than the feeling that you've been gouged at the pump. In a rising market, it's easier for some stations to jack up their prices, says Justin McNaull of the Automobile Association of America.
If you see a gas station that has prices way out of line than what you've been seeing, you should report it. To get a sense of the average gas price in your area you can check out AAA's fuel gauge on their website at www.fuelgaguereport.com.
If prices at a station far exceed your regional average, take note. Take your receipt and get in touch with your state Attorney General's office. For a listing in your area check out the National Association of Attorneys General at www.naag.org where there is a complete state-by-state list of contacts.
You should also take down the prices of all the varieties of gasoline available at the station, from regular to high grade.
Don't forget to contact your elected officials too. As Tyson Slocum of the consumer advocacy group Public Citizen pointed out, the Federal Government has a lot of power in this situation. And the Department of Energy has also set up a website for consumers to report gas gauging. Check out http://gaswatch.energy.gov.
3. Don't give into the Munchies
Most of the gas stations you see, aren't just gas stations, they're convenience stores that sell branded gas.
"These retailers would rather sell you a cup of coffee and a donut than a gallon of gas," says McNaull. "They don't make much profit off of gas."
These convenience stores are typically locked into 5 to 10 year pricing contracts with big oil companies, said John Eichberger, the President of the National Association of Convenience Stores. If you find gas is really expensive at one specific retailer it may be the arrangement the retailer has with its supplier.
So while passing up the candy or cigarette aisle may not impact short-term gas prices, bypassing those in-store goodies may put pressure on retailers to change their pricing arrangements.
4. Vent away!
If you just want to make sure that everyone else shares in your pain or hears your fury, check out your local gas buddy blog. For example if you live in Seattle, type in www.seattlegasprices.com. But if you lived in Ohio, just type in www.ohiogasprices.com. These sites will let you connect with other motorists who are probably just as fed up as you are.
And if you want to start your own online blog for free, check out www.blogger.com or www.spaces.msn.
5. Don't get too worried...just yet
While it's true that this travel season is expected to be quite busy, and that airline prices are expected to jump between 12 percent and 15 percent this year, we are paying less than we were two weeks ago.
Prices at the pump fell 23 cents per gallon, according to the Lundberg Survey. The average price of a gallon of self-serve regular was $2.43. Of course, that's still about 40 cents higher than we were paying this time last year. But let's take the good news where we can.
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For all the latest Five Tips columns, click here.
Big Oil is under fire. Click here for the full story.
Four big questions for oil companies. Click here for more.
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