How much more have you paid for gas since February? Updated daily.
Key Points:
- Since the war began nearly four months ago, Americans have collectively spent an additional $33 billion on gasoline due to a 34% rise in average national gas prices.
- The increased fuel costs have led to higher monthly expenses for drivers, ranging from under $20 to over $300 depending on fuel frequency, with some Americans reducing driving or gas station visits by 5% in May.
- Gas prices reached an average of $4.63 per gallon in mid-May, marking the 10th-highest weekly rate in the past decade, influenced by geopolitical tensions including the U.S. strike on Iran and the Russia-Ukraine conflict.
- Consumer spending patterns are shifting, with expectations to spend more on transportation and utilities while cutting back on vacations, homes, and electronics over the next year.
- State-level impacts vary, with Wyoming, Utah, and Wisconsin experiencing gas price increases of at least 50% since February, while Indiana’s prices have risen the least, by 57 cents.