The cost of a 10 cent increase in gas prices

Gasoline prices are rising again.  As the global economy recovers, the demand for oil increases.  Add the unrest in the Middle East, and prices at the pump are likely to continue moving higher rather than lower.

Every penny increase in gasoline prices costs Wisconsin drivers an estimated additional $68,000 per day. That might not sound like much, but that equates to almost $25 million per year – and that’s just for each penny increase! A fifty cent increase costs Wisconsin drivers $1.2 billion. That’s $1.2 billion that won’t be spent on other goods and services, invested, or added to savings accounts.

Question: How much will each 10¢ per gallon increase in gas prices cost the 31,000 Marinette County licensed drivers?

A. Only a little over $5,000 per day
B. About $10,000 per day
C. Almost $2,000,000 per year
D. Little or nothing as they spend more time fishing than driving

Answer: A. and C. Every 10¢ per gallon increase in gasoline prices will cost Marinette County licensed drivers an estimated $5,360 per day, or $1,956,400 per year.

For step-by-step instructions, click here:10 cent increase, February 25

For questions, contact Bill Pinkovitz