Gas price spike could cost families about $1,300 more a year

(CNN) - If gas prices stay as high as they are now, families could end up shelling out about $1,300 more a year.

Moody’s Analytics broke down the math based on Monday’s national average, which has increased since then and will likely continue to rise.

The national average hit $4.14 a gallon on Monday, which broke the previous record set in 2008. AAA’s average on Tuesday reached $4.17.

Moody’s analysts worry an additional $1,300 spent annually on fuel might be an underestimation.

Spending this much on gasoline could force families to cut back elsewhere, which would hurt the economy in other ways, along with consumer confidence.

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