Triple A says if gas prices spike at five dollars, it would cost the average American family another $2600 per year
With turmoil in the Middle East and gasoline prices spiking, Triple A says Americans need to know what to expect if predictions of four or five dollar a gallon gasoline come true. Charles Fishburne reports.
AAA Mid-Atlantic is not making any predictions, but wants us to know what it could mean to our family budget if gasoline does reach four or five dollars a gallon.
Van Curen: At today's gas prices in the Commonwealth, the average family is going to spend about 4100 dollars a year.
Windy Van Curen, AAA:
Van Curen: At four dollars, it would be about 5300 dollars a year, and at five dollars, it would be almost 6700 dollars a year.
That’s an additional 2600 dollars a year, figuring you have two cars driving about 12 thousand miles a year each, and getting 17.4 miles per gallon. But the last time this happened...
Van Curen: Was back in 2008, and that's the year we hit those record four-dollar prices, and that's also the time that we started spinning into the recession shortly after.
Virginia is currently the 15th cheapest state in which to purchase gasoline, at $3.06 a gallon right now for regular.
Charles Fishburne, WCVE News