While gas is clearly going up in price, and while there is generally high inflation in the US, the increase in the price of gas does not have as big of an impact on general inflation as most Americans probably believe. Additionally, higher gas prices do not have a tremendous impact on the spending of the average American.
On January 1, the average price of a gallon of gas in the US was $3.28. On March 21, it was $4.24. While gas has increased in price by a large percentage, 29%, it’s only an average of 96 cents per gallon. The average American uses about 11 gallons per week. So, the average American is spending $10.56 a week extra. Even compared to the price of $2.25 per gallon in January 2021, the average person is only spending an additional $22 a week.
