Higher gas prices may cost the average American hundreds in 2022

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The average gas price hit an all-time high this past March, reaching $4.33 a gallon. Gas prices settled at $4.03 this week but are still over 40% higher than a year ago. Rising inflation and gas prices are hurting Americans, especially those with low- to middle-income incomes. Americans are facing nearly $700 more per year, or $60 per month, due to rapidly rising gas prices.

gasoline increases

The U.S. Department of Transportation (DOT) states that the average person drove about 1,200 miles per month in 2019. The average fuel economy for cars is about 24mpg, which means most drivers use nearly 600 gallons of gasoline a year.

A year ago, this would have cost about $1,700 per year. With the recent rise in gasoline prices, Americans are now paying over $2,400 for the same number of miles, or $700 more per year. This equates to around $60 per month.

What are your options?

Even with President Biden Release of emergency oil reserves, prices are expected to remain high. This is on top of the already high costs Americans are facing due to record high inflation. According to the Department of Energy, aggressive driving, such as B. fast acceleration and braking, reduce your gas consumption by 15% to 30%. Gas mileage also drops when you drive over 50 mph. Gasoline mileage usually decreases rapidly at speeds over 50 mph.

Look into credit cards either Cash Back Awards on Gasoline Purchases. Many gas station chains also offer loyalty programs that can help offset the dramatic rise in gas prices. By being mindful of your spending habits and driving more efficiently, you’ll be better able to deal with the price increases.

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Virginia C. Taylor