We received an email question asking how much would $4 a gallon gasoline impact a driver's wallet. Well, in short, it depends on how much you plan to drive! That's probably not the answer our inquisitive reader is looking for, so we will take a look at one hypothetical situation. Keep in mind, the variables will stay the same for simplicity's sake, so we will take a look at a person who would average 14,000 miles a year (most Americans drive that amount) with no fluctuations in gas prices. Also, let's assume the vehicle needs 10 gallons per fill up each week. This would give you a car that averages roughly 26.9 mpg which is what a typical 4 cylinder compact car averages.
Last year, the average price of gasoline was approximately $3.29 a gallon for the month of February according to CNN. In keeping with our hypothetical situation, here's how the numbers play out:
At $3.29 a gallon: A driver would spend $1,710.80 on fuel.
At $4.00 a gallon: A driver would spend $2080.00 on fuel.
Basically you would spend $369.20 more this year than last year, or 21.6% more. What would you do if you had an extra $370 in your pocket? Maybe go out to see a few movies, a nice dinner, or purchase a new tech toy? Let us know!
As always, if you have a question, send us an email! Happy motoring and keep on driving!
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