American Households Expected To Spend $5000 on Fuel Due To Rising Prices

American Households Expected To Spend $5000 on Fuel Due To Rising Prices

Democrats Just Bit a $5000 Hole In The Average American’s Wallet

( – According to CNBC, Yardeni Research reported families are spending about $5,000 per year on gas, up about $2,200 from just one year ago. With inflation rates raising the prices on everything from food to gas, one thing is for sure: American households are struggling. Unfortunately, incomes aren’t keeping up with the pace of rising prices, causing many to make difficult decisions regarding spending. Although gas prices decreased between March and April, they sprung right back up in May to a national average of $4.59 per gallon.

How to Save Money on Gas

There are many strategies for families to save money on gas while prices are high. Obviously, most people can’t eliminate driving entirely if they want to keep their jobs, but driving less for extracurricular activities can help. Americans should consider using a cashback credit card or gas card to charge at the pump to lessen the burden further. Doing so essentially gives the users discounts in the form of cash returns every time they fill up their cars.

In addition, there are many establishments like Kroger and Wawa that offer rewards cards for free. All consumers have to do is sign up for the program and swipe their cards every time they buy gas to save cents off per gallon at the pump. Struggling citizens can also use gas apps like GasBuddy to find the cheapest gas in their area when it’s time to fill ‘er up. Drivers should be sure to keep their cars tuned and tires properly inflated to get the most for their money. And of course, avoid those jack-rabbit starts that burn extra fuel.

Governmental Help

Patrick DeHaan from GasBuddy spoke with Fox News this month about the price of gasoline. He predicted the price would continue to climb due to low supply. DeHaan told Fox no government has any significant tools to deal with the current problem beyond a gas tax adjustment. Even releasing barrels of oil from reserves, as the Biden administration did in November 2021 and announced doing in March, is only a temporary band-aid that may or may not affect prices significantly at the pump.

President Joe Biden also announced a plan to move forward with clean energy initiatives to lessen America’s dependency on gasoline. Unfortunately, that’s not a short-term solution to help families struggling with gas prices today.

The problem gets worse during the summer months, when the demand for gasoline will continue to rise as the supply stays relatively the same, likely driving prices even higher.

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