As gas jumps, what’s it cost to fill up?
Americans drive about 1,000 miles each month. Here’s how rising prices may hurt your wallet
As gas prices continue their upward climb, erasing a portion of Americans’ tax-cut savings, fuel economy is important again.
Monday’s national average of $2.87 a gallon was up 53 cents from a year ago, according to AAA.
With oil prices — which sway pump prices — increasing and summer travel demand just weeks away, the price of regular unleaded could approach $3 per gallon by Memorial Day, says Patrick DeHaan, senior petroleum analyst for fuel savings app GasBuddy.
That’s a crucial economic factor for Americans, who drive an average of more than 1,000 miles per month.
Recent trends spurring the increase in both oil and gasoline include: crude supply concerns from President Trump’s decision to withdraw from the Iran nuclear deal and reimpose sanctions on that oil-rich country. Also, the Organization of the Petroleum Exporting Countries has maintained production limits, even as global economic growth has heightened demand.
The good news: Gas is still far below 2008’s all-time high of $4.11.
But with Americans rapidly transitioning to crossover vehicles, SUVs and pickup trucks, fuel-sipping passenger cars are falling by the wayside. Toyota North America CEO Jim Lentz said recently that after gas prices plunged to about $2 per gallon nationwide in 2016, gas mileage dropped sharply on the list of factors weighed by car shoppers.
If gas surges again, many motorists will feel pain at the pump despite improvements in fuel economy for SUVs. At its current price, the cost of gas for 1,000 miles of driving would be $151 for a Chevy Tahoe (a large SUV), $84 for a subcompact Versa and $55 for a hybrid Prius.