Gas prices are spiking. This week EIA reported an increase in the average price of gasoline of 28 cents per gallon – with some states seeing more than 40 cent increases. That’s the largest nationwide weekly gas price increase since hurricane Katrina in 2005.
What’s 28 cents worth you ask? More than a $100 million a day it turns out.
That’s bad, but it could be worse. Without vehicle fuel efficiency and emission standards that are currently in place, American drivers would be paying an average of $50 million more per day on fuel costs.