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Higher Gas Prices May Cost the Average American Hundreds in 2022

City Kings Holdings by City Kings Holdings
April 13, 2022
in Personal Finance
0
Here’s Who Can Expect to Receive the Proposed $100 Monthly Gas Stimulus Payment
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A young adult refuels their car while looking worried at the high gas prices at a gas station.

Picture supply: Getty Pictures

Most of us will spend a whole lot of {dollars} extra on the pump this yr.

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Key factors

  • With fuel costs hitting all-time highs, Individuals can anticipate to pay $700 extra per yr to drive.
  • Even with President Biden releasing emergency oil reserves, costs are anticipated to stay excessive.

The typical worth of fuel hit an all-time excessive this previous March, reaching $4.33 per gallon. Gasoline costs have leveled out to $4.03 this week, however they’re nonetheless over 40% larger than a yr in the past. Hovering inflation and fuel costs are hurting Individuals, particularly these with low to average incomes. Individuals can anticipate to pay near $700 extra per yr, or $60 a month because of the speedy rises in fuel costs.

Gasoline will increase

The U.S. Division of Transportation (DOT) states the common particular person drove about 1,200 miles per thirty days in 2019. The typical gas mileage for vehicles is about 24 mpg, that means most drivers will use virtually 600 gallons of fuel a yr.

One yr in the past, this might have price about $1,700 a yr. With the current surge in fuel costs, Individuals will now pay over $2,400 for a similar variety of miles, or $700 extra per yr. This comes out to about $60 a month.

What choices do you’ve got?

Even with President Biden releasing emergency oil reserves, costs are anticipated to stay excessive. That is on prime of the already excessive prices Individuals face as a result of report excessive inflation. In keeping with the Division of Vitality, aggressive driving, resembling speedy acceleration and braking, can decrease your fuel mileage by 15% to 30%. Gasoline mileage additionally decreases whenever you drive over 50 miles per hour. Gasoline mileage normally decreases quickly at speeds above 50 mph.

Look into bank cards with cash back rewards for gas purchases. Many fuel station chains additionally provide loyalty packages, which can assist offset the dramatic spike in fuel costs. By being extra conscious of your spending habits and driving extra effectively, you possibly can higher cope with the worth will increase.

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