Owners of Ford F-series trucks — the most popular vehicle in 2017 — will pay about $413 more in gas this year compared to last year, according to government estimates. Honda Civic and Toyota Camry drivers, meanwhile, will face increases of $206.
Those figures are based on the Energy Information Administration’s estimate that gas will cost an average of $2.79 a gallon in 2018, up 37 cents from last year’s average. The calculation also assumes you’re doing as much driving as the average American — about 13,000 miles a year.
Gas prices jumped 1.7 percent in May alone, according to new data from the Bureau of Labor Statistics, outpacing an increase of 0.2 percent across all consumer goods.
The rise is due to increasing demand and reduced oil production by OPEC member countries. Some also blame President Trump’s withdrawal from the Iran nuclear deal, through prices were already on the rise when he announced the move.
At $2.92 per gallon nationwide, gas currently costs more than the EIA’s year-long estimate. Prices tend to peak around Memorial Day, then dip for the rest of the year. Still, the current gas prices are at their highest point since 2014, when gas averaged $3.36 a gallon nationwide, amid instability in Iraq.
Enter your average mileage and your car’s make and model in our calculator above to find out how much more money you’re likely to spend on gas this year. You can also change the cost of gas by moving the red slider to see how bad it could get if gas gets more expensive. (Our results are based on advertised miles per gallon, or MPG; your actual results may vary depending on the condition of your vehicle, the kind of driving you most often do, and so on.)