With the rise in gas prices across the nation, wallets of American families are taking the hit. But how big of an impact are the increased gas prices making?
The price of gasoline has reached $3.83 per gallon, up 31 cents from March 2011, and an all-time high for the month of March, according to Consumer Reports.
Thirty-one cents might not seem like a ton of money but when it's added to fuel, it can take its toll on a family.
The average person in the U.S. drives 1,123 miles each month, with a vehicle that gets an average of 21 miles per gallon. Tack onto that an average gallons per vehicle per month of 53.5.
This results in an additional cost of $16.57 each month per person, compared to March of last year. But the average American household has two vehicles. This means that number would be doubled for the typical household in the U.S. The extra 31 cents per gallon is costing American families $33.15 more than in March of last year.
There are a lot of goods, services and activities that a family can do with an extra $33.15 each month — six $5 lunches (including tax), an oil change, dinner for two at a local restaurant, three $8.75 movie theater tickets with extra money for a bucket of popcorn and many others.
So, with gasoline prices hitting record highs and no signs of gas prices dropping, American families need to make their budgets work with the additional $33.15 of gasoline.