How Rising Gas Prices Will Affect Your Wallet Long-Term

With all of the turmoil over oil prices and gas prices creeping up daily, along with the Japan earthquake leading to a shortage of fuel-efficient cars, you'd think the world was ending and that Americans would soon be walking everywhere because they can't afford their gas-guzzling cars.

Gas prices are rising -- up 4 cents from a week ago to $3.58 per gallon as a national average, according to AAA. A year ago the national average for a gallon of regular gas was $2.80. The increase is enough to hit the average consumer hard in the wallet, but not as hard as in July 2008, when the national average hit $4.11 a gallon.