DETROIT (AP) – The dollars-and-cents counter on the gas pump seems to be spinning faster these days with U.S. prices hitting another record high on Tuesday.
The average price for a gallon of regular unleaded hit $4.37, according to AAA, 17 cents higher than just a week ago. Last year at this time it was just $2.97 per gallon. Crude oil prices already were high largely because many countries are refusing to buy Russian oil due to the invasion of Ukraine. And now we’re heading into peak driving season and demand is up.
That means the cost to pump 15 gallons into a vehicle is now a whopping $65.55. Four fill-ups per month would cost more than $260, a big chunk out of just about anyone’s budget.
With gas prices that high, owners may be thinking about replacing their older vehicles with something more efficient. But that may not be cost effective. The global shortage of computer chips and other parts has cut into production of new vehicles, driving prices up. That sent many people into the used car market, also pushing up prices.
The average used vehicle cost $31,218 last month. The average new one? $45,341, according to Edmunds.com.