Fuel Up Now – Here’s When To Expect The Next Big Jump in Gas Prices

(KMDL-FM) We Googled the question, "What's the average size gas tank for a car?" The answer we received suggested that most fuel tanks in America hold from 12 to 16 gallons of fuel. Considering the current price of gasoline in America, that means most of us are paying almost $20 more to fill up than we were a little over a month ago.

READ MORE: Major Retailers Adding Surcharges to Cover Fuel Price Increases

Triple-A, the American Automobile Association, tracks gas prices across the country. The current average price for a gallon of regular fuel, according to Triple-A, is $4.12. The Louisiana average is a little bit lower at $3.76.

How Much Has the Price of Gas Increased Over the Past Six Weeks?

Compared to last month, Louisiana drivers were paying about .50 cents less per gallon, and compared to gas prices before the current military action in the Middle East began, drivers in Louisiana were paying $1.25 less per gallon. So you can see when you fill up how that extra cost really counts against your budget.

Unfortunately, we don't have good news for those who were hoping gas prices would come down in time for the summer vacation season. Incidentally, you can expect more people to visit Gulf Coast beaches this summer as air travel to international destinations is expected to increase in price as well.

With news yesterday that the Trump Administration had plans to begin a blockade of ports and coastal operations in Iran, and the ongoing "is it open, is it closed" conditions of the key energy passageway, the Strait of Hormuz, oil prices jumped.

When Will Gas Prices Take Their Next Big Jump?

And you know what happens when oil prices increase quickly? We can expect fuel prices to jump up quickly as well. So, that prompted Patrick De Haan, the head of petroleum analysis at the fuel tracking site Gas Buddy, to warn of a sizeable jump in fuel prices by the end of this week.

By the way, the Gas Buddy App, which is very convenient for finding and comparing fuel prices in a given geographic area, suggests that the average spend for gas around the country is $3.99. A quick check of the Gas Buddy site this morning found that you could find regular gas at several locations in South Louisiana for as little as $3.48 a gallon.

READ MORE: Higher Gas Prices Will Mean Crowded Beaches on the Gulf Coast

But if the current stalemate in the Middle East and ceasefire talks aren't fruitful promptly, you can expect those prices to climb even more. It is certainly something we all have to plan for.

How Much More Are We Paying For Gas Over a Year's Time? It's Staggering

As we mentioned at the top of this article, if you're paying an additional $20 for a fill-up and the average American driver fills their vehicle up between 29 and 45 times per year, that means you're going to be spending an additional $580 to $900 per year just on gas.

To break that down into real numbers that politicians don't see. If you work at a job and earn minimum wage of $7.25 per hour, that means you'll have to work an additional 80 to 124 hours just to pay for fuel. Y'all, that's an extra two to three weeks of working just to afford fuel.

If your budget is getting tighter, there are some things you can do. Here are some ideas that we found to be quite useful.