If you’re feeling sticker shock at the pump, it’s not without reason.
Personal Capital proprietary data shows that consumers spent more per transaction in the past year, now up by $14 per pitstop. Weekly costs average $95.*
|Month||Overall Spend||Spend Per Transaction|
Cost of Inflation
The thing about inflation is this: Not all industries have been impacted the same. Overall consumer inflation is up 7.9% over the past year ending in February. The price of medical care services, for instance, is up by 2.4% while the cost of used cars has surged by 41.2%.
Gas prices, further exacerbated by Russia’s invasion of Ukraine, are high compared to one year ago.
Given the rise of remote work, not everyone feels the pinch on their overall budget. For remote workers, the pandemic may have offered both an incentive and an opportunity to cut costs. For workers who still have to commute every day, it probably stings.
Read More: How to Manage Inflation
U.S. Gas Prices
To draw a comparison, we took a look at gas prices using data from AAA. Today’s national average prices are:
- Regular unleaded: $4.153
- Mid-grade: $4.559
- Premium: $4.838
- Diesel: $5.071
- E85: $3.600
One year ago, the national average prices were:
- Regular unleaded: $2.872
- Mid-grade: $3.204
- Premium: $3.473
- Diesel: $3.085
- E85: $2.476
As you can see, the average national gas price is over $1.25 more than it was this time last year.
So how does your state compare to the rest of the nation? Check out the full list below.
Average Gas Prices By State
Highest & Lowest Spend by State
That’s just the cost per gallon. Looking at Personal Capital users, we examined how much people are spending every time they fuel up. Costs vary widely by state.
Here are the ten states with the highest and lowest expenditures during each visit to a gas station.
|State||Spend Per Transaction|
“There are many factors that can go into gas prices,” says Daniel Goldfarb, a certified financial planner with Personal Capital. “In the states with lower gas prices, it’s possible that there is less demand or it’s easier to transport the gas in those states.”
He says that in places where gas is the most expensive, it’s a combination of various factors.
“In California, there is a large population with high demand, and the fuel taxes in that state are also set higher than other states,” he says. “Consumers are often unaware of how high the percentage is that they pay for taxes in each gallon that they purchase at the fuel pump. Hawaii is another state with increased delivery costs; therefore, the state has higher gas prices to offset these additional costs.”
Want a better way to manage your money? Millions of people use Personal Capital’s free and secure online financial tools to see all of their accounts in one place, set a budget, and plan for long-term financial goals.
*during the week of March 20, 2022
This article is updated from an original version published October 20, 2021.
Personal Capital compensates Megan DeMatteo (“Author”) for providing the content contained in this blog post. Compensation not to exceed $500. Author is not a client of Personal Capital Advisors Corporation. The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Third party data is obtained from sources believed to be reliable; however, Personal Capital Corporation (“PCC”) cannot guarantee the accuracy, timeliness, completeness or fitness of this data for any particular purpose. Third party links are provided solely as a convenience and do not imply an affiliation, endorsement or approval by Personal Capital of the contents on such third party websites.