By now it’s certainly old news to hear about gasoline prices above the $3 mark. We’ve gone above $3 the past three summers and have finally eclipsed the $3 during the fall a little over a week ago. There’s even serious talk about gas prices hitting $4 before we get into April of next year.
But what does it really matter? I mean, it’s only a couple of bucks here and there, right? Unfortunately, for many people having to spend those unexpected extra dollars means they’re going to have to make substantial changes in their lives in order to make ends meet.
According to a recent poll on Daily Fuel Economy Tip, it appears that many of us have already been drastically affected by higher than usual gasoline prices and that many more of us could potentially be feeling the pinch rather soon.
When asked, “how high will gas prices have to get before your lifestyle is drastically affected?” here’s how people responded:
- 44% stated it has already happened
- 21% stated it would happen if gas prices held above $4
- 19% stated it would happen if gas prices hold above $3
- 16% stated they wouldn’t be affected by higher gasoline prices
As of today, the national average gas price stood at $3.10, which is 88 cents higher than what we were paying at this time last year. While that may not seem like much, if you fill up a 12 gallon tank once a week and spread that extra cost out over an entire year, you’d be paying an extra $550 a year on gasoline.
And because the price of gasoline trickles down into everything we buy thanks to higher costs for shipping, manufacturing, etc., that $550 is only the tip of the iceberg.
Currently there are only seven states reporting an average gasoline price below $3 per gallon, with New Jersey reporting the lowest average cost at $2.90. Conversely, Hawaii is reporting the highest average gas price at $3.38 per gallon. While I’m sure there are certain parts of the country that are more affected than others, I think this data goes to show that pretty much all of the country (minus the 16% who aren’t too worried) is getting pinched at the pump.
What concerns me is the fact that the economy is on the brink of a recession, and if people are devoting more of what was formerly their discretionary money towards fueling up their cars and trucks, that could be enough to push us over the edge. Once that happens, it could be a long road towards recovery.
{ 2 comments… read them below or add one }
Try coming over to the UK and paying $2 per LITRE!
the world population needs oil! we see it here in Ontario, Canada…plus a healthy tax by our levels of government (30%)…plus our canadian dollar is par with USD
Is it the people behind the scenes that are driving prices up, PLUS there has been no increase in the number of refineries built, Plus no inventory storage facilities for gas, being built to accommodate the increased number of cars on the road. No matter whether China, India, North America, these countries are wanting oil.
Hybrid cars are no gas saving after reading several well researched articles on tree hugging cars. Your pulling a heavy battery with a 2L engine, hmmm.
I would like to see big oil and the government advertise, IF you continue to use gas the way you are, we WILL increase your prices.
Look at the number of people at drive thru…we dont give a damn about gas prices. we will continue to pay…do we have a choice?