How to handle the Transportation cost due to Oil Price Rise - Tips and Advise

The first thing I would do is use a fuel additive to boost my gas mileage. After 2-3 tankfuls, the fuel additive should boost your mileage by at least 10%.

The second thing I would do is figure out the highest price that a gallon gas could reach in the next 2 years and look at how much per month the increase in cost will be. If is a couple hundred bucks, then I would consider ways to make a couple hundred bucks a month to cover the increase.

You can sell things on Craigslist if you price them right and easily make another $100 bucks a month if you are not greedy. Look around your house for older technology items and you don't need, but someone else may want like older cell phones, cameras, computers, etc.

You might consider leasing a car vs. buying it since the payments are about 1/3 less per month provided that you don't buy a more expensive car.

You can do a combination of small cutbacks like cutting your cell phone plan minutes, stop going to Starbucks every day, raise the deductible on your auto insurance, reduce # of cable channels you are paying for ,etc.

You could also consider moving closer to work if that makes sense.

You could get a 401k loan to pay off your credit cards and use the monthly savings to pay for the increased gas cost while paying yourself back with interest.

Hope this helps !