Families Will Pay $450 More for Gas This Year

“The share of disposable personal income allocated to gasoline expenditures reached its peak in 2008, just before the onset of the global financial crisis when oil prices were at record highs,” the agency stated in a report on its short-term outlook on energy prices.

Increasing another four cents overnight, gas prices on Wednesday reached an eleventh consecutive record high of $4.95, AAA data shows. Prices have risen 28 cents in one week and 64 cents in one month. Prices have doubled since Donald Trump left office.

Prices are expected to increase to over $6.00 per gallon before Labor Day, according to a JPMorgan commodities analyst. Prices are already averaging over $6.00 in California. Eighteen states are hovering around $5.00 per gallon.