Gas Price Myths Debunked

Spoiler alert: gas prices not actually expected to reach $5 per gallon this spring and summer

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    Will gas prices really hit $5 per gallon by the summer? AAA-Mid-Atlantic doesn't think so.

    In response to growing concern of increased gas prices, AAA has put together a list of gas price myths vs. facts. It warns against falling for gas price rumors.

    “The run-up in gas prices in 2012 is no exception, and consumers are desperate, they will try anything and do anything to try to save money, including falling for the latest rumors and myths,” said John B. Townsend II, AAA Mid-Atlantic’s Manager of Public and Government Affairs.

    Here are some of the highlights from AAA's Myth vs. Fact Compilation, released on Wednesday:

    Myth: Gas prices will hit $5 per gallon this summer.

    Fact: Most American consumers won’t pay nearly as much for gas this spring and summer, according to AAA. U.S. gas prices are predicted to average between $3.75 and $4.25 per gallon this spring.

    Myth: Gas station owners and operators are raking in the dough due to higher gas prices

    Fact: The average gas station owner makes more money selling snacks, sandwiches, or soda than selling a gallon of gas. Profit margins for gas stations were only around 3-5 cents per gallon in 2011.

    Myth: You won’t save that much money by paying for gas in cash.

    Fact: Some stations offer a five to ten cent per gallon discount when you pay for your gas with cash. Look for stations that display two prices: one for cash purchases, and another for credit and debit card transactions.