Pain at the Pump: Here’s How Much High Gas Prices Are Costing Americans Per Month

by Megan Molseed

The soaring gas prices that have hit all across the country continue to cost Americans hundreds at the pump each month. Many areas have seen gas prices soar well past $4 or $5 per gallon since ringing in the new year. Furthermore, despite the decrease in crude oil prices in recent weeks, many consumers continue to face price challenges at the pump. Even an increase of as much as $1 per gallon can drastically increase the monthly fill-up budget for many households all across the country.

Key Points

  • Gas prices remain high, and households all across the country are feeling the pinch.
  • The rising costs are adding hundreds to the average households fill-up budget. Households across the country are seeing an average increase of over $80 added to their fuel budget each month.
  • An increase of as much as $1 at the pump can put a dent into the average budget.
  • Even the drivers of the most fuel-efficient vehicles are seeing a major impact on fuel budgets.

Even A Slight Increase In Gas Prices Has A Major Impact On the Average American Household’s Budget

We all know that gas prices have been hitting drivers hard at the pump in recent weeks. Even drivers with highly efficient vehicles – even hybrid options – are seeing those extra dollars per gallon at the gas station quickly add up. On average, the price of fuel has increased as much as $1.41 per gallon compared to the prices we were seeing at the pumps just one year ago. This spike has no doubt made an impact on the American driver. Adding up to an increase of about $83 to a household’s fuel budget each month.

According to a recent MarketWatch report, drivers of some vehicles could be facing monthly fuel cost increases as high as $100 or more per month with the current rising gas prices. This means some of the heavier vehicles, such as pick-up trucks or larger, full-sized SUVs can cost drivers hundreds more to operate each month.

Even the Most Efficient Vehicles Are Feeling An Impact At the Pump

Even the owners of the ever-efficient hybrid vehicle models have been out an average of $38 to $50 bucks per month with the rising cost of fuel. Those drivers cruising around in smaller sub-compact and compact vehicles are seeing increases to their fill-up budget soaring as high as $54 to $60 more than what they would have paid a year ago.

Sure, it’s certainly drivers are seeing the sticker shock right in front of their noses as they fill up their tanks. However, even those who live in more urban areas and rely on public transportation or use ride-share options are feeling the sting of the rising cost of gas. The fuel increases are affecting companies, as well. These budget deficiencies related to the rising gas prices are quickly showing up in a variety of areas. Most recently, some of the bigger ride-sharing companies are choosing to enact temporary surcharges to offset the extra costs.