Most Americans said gas would have to reach a minimum of $5.30 a gallon before it would force them to make significant lifestyle changes or cut spending in other areas, according to a Gallup poll released in early March. But how much money would a person lose if gas prices made that jump? Here's the Deseret News analysis on the subject.
The average American drives 1,123 miles each month, or 13, 476 miles a year, according to the Federal Highway Administration. The analysis assumes the driver's vehicle gets 21 miles per gallon. The national average for gasoline is $3.90 a gallon, according to AAA's Daily Fuel Gauge Report. With those numbers, the average American spends a little more than $208 each month on gasoline or $2,502 a year. But if the cost of gasoline reaches $5.30 a gallon, Americans will spend an additional $17.18 each week, $74.86 a month and $898.40 each year on gasoline.
The more people drive, the more the higher gas price will hurt their wallets. For instance, if a person drives 40,000 miles a year, gas prices hitting $5.30 will cost him an additional $51 a week, $222 a month and $2,666 each year.
If a person drives a vehicle that gets better than the national average of 21 mpg, they will spend less money as gas prices rise. So if a person drives a car that gets 50 mpg, the higher gas prices will only increase spending by $7.21 a week, $31.44 a month, or $377.32 a year. So when making a future budget, there are multiple issues to consider.