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Offbeat Gas Prices Are Going Up. Here's How Much That Will Cost You This Summer

02:06  12 may  2018
02:06  12 may  2018 Source:

$3 gas coming to a station near you

  $3 gas coming to a station near you Run-up in oil prices means that much of the country will soon have gas prices at or above $3 a gallon.Load Error

AAA projects that the national average will go up another 40 cents this summer . Gas prices tend to rise in the spring as the industry wraps up spring maintenance and switches over to summer -blend gasoline . To offset that price hike, more than 70 percent of consumers say that they’d make a

However, when it comes to planning your summer vacations, gas prices and. You have already determined your ticket costs , hotel costs and meal costs now you need to figure out how much gas it is going to cost to get to Arlington.

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Prices at the pump are on the rise. With the national average now likely to hit $3 a gallon, that could cost you as much as an extra $250 during this upcoming summer driving season.

Over the past several summers, Americans have gotten used to cheap oil. This year, however, big energy producers like Saudi Arabia and Russia have successfully kept oil production down. With other factors like possible new sanctions against Iran, another big producer, prices have been steadily climbing, and that’s working its way to the pumps.

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  Housing confidence hits record high as home prices skyrocket <p>Supply is tight, prices are soaring and mortgage rates are rising.</p>Of the index's six components, only the share of those who think it's a good time to buy fell. No surprise there, given the high competition in most of the nation's neighborhoods. The share of those who think it's a good time to sell and those who think prices will continue to rise jumped the most. In addition, more consumers think their incomes will rise over the next year, and fewer think they will lose their jobs.

3. If gas prices go up , you ’ll have this money saved to use to hedge against the new higher gas prices . It will also give you time to either cut your costs or earn more to account for the higher gas prices .

And thanks to historically low gas prices the summer of 2017 may be the best time ever to pack up your car and drive off into the sunset. But where should you go , and how exactly do you budget for your journey? “Remember that a road trip is an adventure.

As of May 10, American drivers paid $2.84 a gallon, on average, according to the website GasBuddy. That’s up about 50 cents from a year ago.

On Tuesday, the U.S. government hiked it’s official forecast for the so-called summer driving season — which unofficially begins on Memorial Day weekend — warning that average national prices could peak at $2.97 a gallon in June. In fact, it’s already above that level in as many as 10 states, including the entire West Coast.

For drivers, those higher prices translate into hundreds of dollars, says Tom Kloza, co-founder of the Oil Price Information Service. He estimates the typical American, whose car burns about 90 gallons of gas a month, will end up spending about $1,318 on gas between May and September, assuming gas prices hit $3 during the peak months of June, July and August.

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  Exit from Iran nuclear deal could hit Americans' wallets Trump's threats were already feeding into higher gas prices, and now his actions could add fuel to that fireLoad Error

Christian Heeb—Getty Images/AWL Images In San Francisco, the hills aren't the only thing that' s steep. That job in the big city can come with a big price tag. Congratulations! You ’ve landed an awesome internship in [insert major metropolitan area of your choice here ].

However, others wonder if Americans will actually buy these more fuel-efficient models, which the government predicts will cost as much as 9 more "Even if you jack gas prices up to where they are in Europe, people here still won't drive those little cars," says Global Insight auto analyst John

Based on last year’s gas prices the same amount of driving would have cost only $1,070 — nearly $250 less. In 2016, it would have cost just $1,002.

Consumers may not be the only ones hurt by these extra costs.

When gas prices began to sink in 2014 and 2015, Americans wound up spending roughly 80% of the money they saved at the pumps, with a fifth of that money going to increased spending at restaurants, according to a study by J.P. Morgan Chase.

So a big question is, ‘Which businesses will suffer if consumers turn around and start doing some belt-tightening now that gas prices are climbing’?

Of course, even at nearly $3 a gallon, prices still remain moderate by historic standards. As recently as 2014, average prices were Americans were regularly paying upwards of $3.50.

All the same, adds Kloza, gasoline is one of the few economic indicators typical Americans regularly track — and tend to see as prime indicator of their economic well being.

“People look at what gas costs every day,” he say. “I’ll tell you this, if we go above $3 a gallon the person blamed with the one in the Oval Office with the orange hair.”

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<p>Amazon and Whole Foods Market are making a surgical strike in the already brutal grocery price war.</p>On Wednesday, Whole Foods debuted a much-anticipated loyalty program that offers special discounts to Prime customers, including 10 percent off hundreds of sale items and rotating weekly specials such as $10 per pound off wild-caught halibut steaks.


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