AAA: Cost of Driving on the Rise

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The high cost of driving is continuing to climb. The American Automobile Association says driving now costs an average of 59 cents a mile.

One factor contributing to the increased cost is gasoline prices, which AAA says are up nearly a dollar from a year ago across the nation.

Oil prices hovered below $109 a barrel Thursday amid concern rising fuel costs could undermine U.S. economic growth and demand for crude.

Regular unleaded gasoline in the U.S. currently averages $3.69 a gallon, up 23 percent from a year earlier.

"The main worry is that with more of the consumer's budget going toward gas at the pump, it will hold back the nascent recovery," said Anthony Michael Sabino, a professor at St. John's University's business school. "It will put a crimp into spending plans for corporate America, as the costs of energy, transportation, and so forth rise accordingly."

Meanwhile, fuel prices are not the only thing on the rise.

Tires are also more expensive with raw materials up 15 percent. And depreciation is up about 5 percent this year with gas guzzlers quickly losing their value.

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