How Much Do Rising Gas Prices Actually Cost You?

When the nation’s gas prices climb, many car owners wonder how much extra it will cost them to get a full tank.

Seasonal cost fluctuations are somewhat predictable, as higher-priced blends for warm weather get to gas stations for the summer driving season. But there are many factors that contribute to higher prices at the pump, including events around the globe. For example, gas prices nationwide had already started rising before Russia invaded Ukraine. But that ongoing turmoil helped push the highest recorded average price for a gallon of unleaded to $5.016, set in June 2022.

While prices have fallen and leveled off since then, the cost per gallon changes almost daily. As of this writing, the average price of a gallon of gas is about $3.66 nationwide, according to AAA.

Let’s take a deeper look at how spiking gas prices strain the average American’s wallet.

What Does Higher Gas Prices Cost Drivers?

A 50-cent increase in the price of a gallon of gas costs the average American driver $23 per month, according to Kelley Blue Book research from 5-year Cost to Own data. At the federal minimum wage, unchanged since 2009, it would take about three hours of work to cover the added expense.

The research considers estimates of the total vehicle-related costs an owner pays during the first five years of vehicle ownership. This includes out-of-pocket expenses like fuel, car insurance, and vehicle depreciation (loss in the car’s value).

Looking at operating costs by vehicle segment and a car owner who drives 15,000 miles a year, the research shows the average fuel costs per month, based on average fuel costs over the past five years (roughly $3 a gallon). Then, we can calculate the additional cost for 25-cent and 50-cent increases in gas prices. The average price per gallon now is about 50 cents more than at the beginning of 2024.

The bottom line is that owners of less-efficient vehicles feel price bumps the most.

Which Vehicles Cost You More to Operate  

The driver of a full-size SUV pays about $34 more each month now to operate the vehicle than in January. Driving a full-size pickup now costs $30 more monthly than about four months ago.

Price hikes impact nearly all households with vehicles. Drivers of subcompact and compact cars are paying almost $20 more a month than at the beginning of the year. Even drivers of hybrid cars are affected, with monthly gas costs for that group increasing by $12 a month.

Calculating the Additional Costs:

This chart assumes the average driver puts 15,000 miles per year on their vehicle, 55% of it at city speeds and 45% at highway speeds.

See the estimates below to find out how your vehicle type stacks up.

Source: Kelley Blue Book

Editor’s Note: This article has been updated since its initial publication.