What Do Rising Gas Prices Really Mean For Your Wallet?
If you haven't bought a tank of gas in a couple of weeks, boy are you in for some sticker shock. After you get over the price at the pump you're probably going to ask yourself how you're supposed to afford what seems to be an unstoppable hike in gasoline prices. Well, let's put things into a little perspective:
1. Yes, they're going up and going up fast - According to the KVIA gas tracker page last week we were paying an average of $3.40 a gallon for gas. Last month it was $3.28. Last year we were paying $2.74.
2. It really doesn't matter who is responsible - Some people are blaming the Biden administration for the continued climb in gasoline prices, we know that the war in Ukraine is also affecting the price of gas, then there's the "supply chain" problem we keep hearing about. It really doesn't matter who is causing the rise in prices because we all need gas for our cars so blaming someone doesn't do any good.
3. What is the real impact to your wallet - If we were paying $3.40 a week ago and we are now paying on average $3.90 a gallon that is a 50 cent increase. If you have a 15 gallon gas tank you paid $51 last week for a tan of gas, today that would be $58.50, a difference of $7.50. I'm not saying it's not a lot of money but I pay about $5.50 for a latte every day. What does lunch cost you every day? How about a drink after work? Your nails? Gym membership? Your streaming services? How about your cell phone? The point is when you put it into perspective, yes gas has gone up, but I think we are more shocked by it because it's right up there in neon lights unlike all the other things we pay for every day. It's a punch to the wallet, but it's unlikely that it's the most expensive thing you pay a lot for every day.