American households are spending $5,000 a year on gas as prices rise and economic woes worsen

U.S. households are expected to spend an average of $5,000 on gasoline this year.

Yardeni Research concluded that Americans are paying considerably more at the pump this year, CNBC reported. By Yardeni Research’s estimates, Americans were spending a mere $2,800 last year.

The rapid pace at which gas prices continue to increase drastically affects the estimated annual sum Americans are expected to pay. This past March, Americans were expected to pay an estimated $3,800 at the pump in 2022.

The American Automobile Association (AAA) reported that in March the national average for a gallon of regular gasoline was $4.22. CNBC noted that the average price for a gallon of gasoline during the week of May 16 was $4.59. A year ago, at this time, a gallon of gasoline was $3.04.

“No wonder the Consumer Sentiment Index is so depressed. The wonder is that retail sales have been so surprisingly strong during April and May,” Yardeni said in a note. – READ MORE