Gas Prices Are On The Rise

Americans are spending more than $5,000 on gasoline a year and it’s not just for weekend fun. The price of gas has been steadily climbing since March when Americans’ annual rate hit an all-time high at 3,800 dollars per household – that includes everything from taxes to refining costs.

The Consumer Sentiment Index is at an all-time low because people’s incomes haven’t been growing and they’re saving more than ever before. In fact, credit card charges have gone up for those who can afford it while the average American spends only about $200 per month on groceries or clothes.

Retail sales in the US unexpectedly rose 8.2% on a year-over-year basis during April, according to data released this morning by market research firm Diffusionarry Incorporated (DMI).

The recent rise in gasoline prices is taking a toll on Americans’ budgets, with sales declining and people cutting back their spending by as much as 37%.

The price of gasoline is rising fast. AAA reports that the national average Wednesday was $4.57 per gallon, and this week it shot up above four dollars in all 50 states.
5 years ago on January 1st, 2017- you could buy one gas tank (the size used for driving around town) for just under three bucks.

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