Energy
Summer Travel Will Cost Drivers $69 More Per Month
Published:
Last Updated:
Gas prices will hit drivers in the pocket book this summer. Because of rising gas prices, the dent will be $69 more per month based on an average gallon of regular nationwide. A new AAA report shows that summer driving should not be effected
Among the recent questions about the economy is whether low wage growth will harm consumer spending. This may be offset by tax cuts, although the math is uncertain. The AAA study appears to indicate that Americans are not feeling “poor” and, therefore, are willing to travel
The study shows:
Consumers are spending $69 more a month to fill-up compared to last summer. According to AAA, gasoline expenses are accounting, on average, for seven percent of an American’s 2018 annual income, a one and half percent increase since summer of 2017. With strong summer consumer gasoline demand expected in the months ahead, AAA says motorists can expect little relief at the pump with the national gas price average ranging between $2.85 – $3.05 through Labor Day.
Seven percent is a big number, and is higher for people who drive and commute regularly.
Higher gas price hikes would curtail travel. The study shows 33% of people surveyed would change travel plans if gas hits $3. Forty seven percent would make changes if gas reaches $3.50. Based on recent drops in oil prices, gas price have stabilized, and will almost certainly not spike to over the $3 level
The chart below compares the percentage of stations per state selling gas for $3.01 or more today versus one year ago.
| State | June 2017: Percentage of gas station selling $3.01+ | June 2018: Percentage of gas station selling $3.01+ |
| Alabama | 0% | 0% |
| Alaska | 23% | 100% |
| Arizona | 1% | 70% |
| Arkansas | 0% | 1% |
| California | 53% | 100% |
| Colorado | 0% | 13% |
| Connecticut | 0% | 82% |
| Delaware | 0% | 1% |
| District of Columbia | 5% | 36% |
| Florida | 0% | 4% |
| Georgia | 0% | 2% |
| Hawaii | 34% | 100% |
| Idaho | 0% | 99% |
| Illinois | 0% | 33% |
| Indiana | 0% | 5% |
| Iowa | 0% | 4% |
| Kansas | 0% | 0% |
| Kentucky | 0% | 15% |
| Louisiana | 0% | 1% |
| Maine | 0% | 12% |
| Maryland | 0% | 11% |
| Massachusetts | 0% | 20% |
| Michigan | 0% | 28% |
| Minnesota | 0% | 0% |
| Mississippi | 0% | 0% |
| Missouri | 0% | 0% |
| Montana | 0% | 15% |
| Nebraska | 0% | 11% |
| Nevada | 11% | 97% |
| New Hampshire | 0% | 2% |
| New Jersey | 0% | 26% |
| New Mexico | 0% | 19% |
| New York | 1% | 60% |
| North Carolina | 0% | 1% |
| North Dakota | 0% | 11% |
| Ohio | 0% | 0% |
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
