The national average hit $4.14 a gallon on Monday, which broke the previous record set in 2008.
- If gas prices stay as high as they are now, families could end up shelling out about $1,300 more a year.
Moody’s Analytics broke down the math based on Monday’s national average, which has increased since then and will likely continue to rise. AAA’s average on Tuesday reached $4.17.Spending this much on gasoline could force families to cut back elsewhere, which would hurt the economy in other ways, along with consumer confidence.
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