An increasing number of drivers are paying over $4 a gallon for gas, as prices continue to increase nationwide.
Illinois just joined the ranks of states to have topped the $4 a gallon price. Drivers in California, Alaska and Hawaii were already paying this much. The national average is currently $3.79 a gallon, according to AAA’s Daily Fuel Gauge Report. But due to state taxes and fees, many consumers are experiencing prices higher than the national average.
Oil prices hitting $100 a barrel has increased the chance that the national average will top $4 a gallon to 33%, according the Energy Information Administration. Although they haven’t declared this as a definite move, economists are predicting the increase to be seen by mid-summer. Drivers have not paid over $4 for a gallon of gas since July of 2008.
Drivers are already feeling the impact on their wallet. Many are commenting on the cost of filling up their vehicles with the high priced gasoline. Those with vans, trucks and SUVs find themselves paying upwards of $80 per fill-up. The increased cost of gas could impact many families travel plans over the summer.
The jump in oil prices could impact more than just drivers. Energy bills are also predicted to rise along with the price of oil. This could also have an effect on the economy and the job market, as consumers and businesses look for ways to cut costs, say analysts.