Today’s back-of-the-envelope estimated bill, calculated against a national average price of $3.787 gal, is $1.486-billion. When we get to $3.82 gal nationally, we’ll cross $1.5-billion. That level is a virtual certainty based on recent wholesale price advances. It may even occur this weekend.
How does this compare to previous years?
The per diem charges Memorial Day last year saw motorists pay about $1.285-billion. In 2006, the cost was $1.122-billion; and in 2005, it was $832-million. If one goes back to 2002, the daily cost of gasoline was about $534-million. Before prices top out, we could be making $1-billion more per day in gasoline payments than we made six years ago.
Now that's inflation!