Keep Summer Gas Prices From Exhausting Your Budget

"Probably one in three vehicles has [at least one] under-inflated tire," says Montgomery. "That wastes gasoline; about 2% per pound of pressure under [proper] inflation."

Montgomery says tire pressure should be checked when the tires are cold to get a more accurate reading. To make sure you're getting the most efficiency out of your fleet, Montgomery suggests business owners find ways to encourage their employees to practice better driving habits and maintenance of company vehicles.

By Air

Fuel prices are hurting more than just automotive travelers. Those who need to get on a plane may suffer from greater sticker shock than when they're pumping 89-octane into their gas-guzzling SUV.

"The macro economics and industry fundamentals are such that with the spike in fuel costs, these airlines have no choice but to park airplanes and significantly increase fares," says Vaughn Cordle, chief analyst for AirlineForecasts and pilot for an unspecified major airline. "If they don't, they're going to end up in bankruptcy."

"The fuel bill for the passenger-carrying airlines was $30 billion in 2007 and this year it could be as high as $49 billion, if oil prices stay anywhere near where they are today."

For business owners bracing for air travel turbulence, Cordle suggests booking early and locking in a seat as soon as possible, saying he doesn't believe the ticket prices have yet caught up to the increased fuel costs.

"In terms of breaking even on higher fuel costs, [airlines] are going to have to raise fares across the board 15% to 20%," predicts Cordle.