If you’re like most Americans these days, you probably find yourself reaching more and more for your credit card at the gas station. In fact, as gas prices continue to rise, many Americans are maxed out with their budgets, and their credit cards are the only place they can turn.
According to a recent study conducted by the National Association of Convenience Stores, about 70 percent of Americans are paying for their gas with a credit card. That’s a big jump from last year when only 54 percent of us were reaching for our plastic when paying at the pump. The study is a good indicator of how Americans are paying for their gas because a full three quarters of all gasoline is purchased from convenience stores. Why the big jump? According to Jeff Lanard, the spokesman for the National Association of Convenience Stores, “Consumers are trying to displace the pain for a few weeks.”
And gas prices continue to skyrocket. According to AAA, the average price of a gallon of gas today is $2.614—a sharp rise from prices a year ago at $1.881. But it’s important to remember that if you use your credit card to purchase gas and don’t pay it off at the end of the month, you’ll actually be paying a whole lot more for that gallon of gas—more like $3 per gallon.
And our wallets aren’t the only thing suffering, according to the group—our cars are, too. Americans are putting lower grade fuel into their cars in order to compensate for the higher gas prices. Seven years ago, one out of every three gallons sold was high octane, but today, only one out of every five is.
But most Americans understand that along with sun and vacations, every summer brings along higher gas prices, and most are simply waiting it out. The group predicts that along with cooler weather and fewer drivers, we should see about a 5 cent drop in prices.
If you’d like to know more about how gasoline prices will affect your personal budget, visit the National Association of Convenience Store’s web site for a full kit that provides every thing you need to know. Click here
