Americans are spending $100 more per month on gas than they were a year ago, expert says
The typical American is spending $100 more a month on gasoline now than they were a year ago, according to an expert at Moody's.
Moody's Chief Economist Mark Zandi told CBS News that the rising prices along with inflation has long-term effects and is forcing families to save less for education, retirement or to buy a home.
"I do think the pandemic will fade, and I think the worst of the fallout of the Russian invasion of Ukraine on our economy is behind us. But it's not going to get back to what anybody would consider to be normal, very quickly," he said.
Gas prices shot up 17 cents in a week. AAA reports that the national average cost of gasoline as of Tuesday is $4.37.
President Biden says fighting inflation and lowering prices for families is his "top priority." In an effort to mitigate high gas prices, Mr. Biden announced in March that the U.S. will be releasing 1 million barrels of oil a day from the country's Strategic Petroleum Reserve for the next six months.
He's also asking Congress to pass clean energy and vehicle tax credits and boost the fuel economy standards for cars and trucks.
The relentless price surge is proving to be costly for most Americans who have had to make cost-cutting decisions.
"Certain purchases I used to make, I just can't them the purchases no more," Andre Gilchrist told CBS News.