It’s hard to escape high gas prices.
As Americans feel increased pressure at the pump, the average driver spends 2.24% of their monthly earnings on gas, while pickup truck and SUV drivers shell out up to 3.12% on average, according to a recent report by FinanceBuzz, based on data from the US Department of Transportation, US Census Bureau and AAA.
But depending on the state you live in, you might be more vulnerable to recent pump price spikes.
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For example, in Alabama, where residents average more than 1,000 miles per month but earn less than residents in most other states, drivers spend more than 5% of their net income on fuel — the highest percentage in the country. Wyoming is a close second at 4.9%.
Alternatively, drivers in the District of Columbia and New York state travel far less — thanks in part to extensive public transit systems — and spend just 0.73% and 1.38% of their monthly income on gas, respectively, FinanceBuzz found. These are the lowest percentages nationwide.
According to a separate report by DebtHammer, nearly 75% of US drivers said they are already suffering financially due to high fuel costs. (A separate poll by NBC News also found that 8 in 10 Americans fear the war between Russia and Ukraine will further increase gas prices.)
More than 25% of DebtHammer respondents said they are either in debt or cannot afford to pay a bill because of the extra money they are spending on gas.
Another 44% said they had to walk in other areas, such as clothing and food, to offset the additional cost.
To combat rising energy costs nationwide, the White House said it will release 1 million barrels a day of oil from the country’s strategic reserves.
The increased supply should help push prices down as more than 50% of gasoline costs are based on oil prices, according to the US Energy Information Administration.
The national average for a gallon of regular gasoline was already down three cents to $4.15 last week, but remains significantly higher than $2.87 a year ago, AAA said.
Some states have also instituted “gas tax holidays” to reduce the burden on drivers. Here is a summary of which states enacted changes first and which may follow.
As the summer driving season heats up and plans for the return to the office get underway, here are some other ways to protect yourself from unpredictable prices at the pump.
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