If your summer plans include a driving vacation, prepare to budget more for gasoline.
According to new figures from the Automobile Association of America, gasoline expenses are accounting for 7 percent of an American's annual income on average. That is up 1.5 percent from last summer, according to AAA spokesperson Lindsay Kensy.
"We will be spending about $69 dollars more a month for gas, so if you think about that, that's kind of a big chunk of change per month, but we don't see it stopping anyone from taking a road trip this summer," Kensy said.
Gas averages more than $3 a gallon in New York - and that is the cutoff point for many residents when it comes to making travel plans this summer.
"In the northeast, 25 percent of respondents said they would change travel plans at the $3 mark," said Kensey, "but it would have to go up to $3.50 for about 40 percent of people traveling this summer to maybe change their plans a bit."
And nearly two-thirds of gas stations are selling gas for more than $3 a gallon currently. That compares to just 1 percent of stations a year ago.
For boaters, prepare for a little sticker shock at the pumps, as well. An informal survey of several marinas in the area indicates the average price for a gallon of marine fuel is around $4.22.
