Gas or Cash: The Latest Gamble

Feeling poor? Then a lottery ticket may be in your future.

According to a study published in the Journal of Behavioral Decision Making, people with low earnings are more vulnerable to taking risks that often result in financial loss.

Florida Lottery officials are capitalizing on risky spenders and high gas prices with two alluring prizes – “Gas for Life” and “Gas for a Year.”  With gas prices just below $4, who wouldn’t want their gas tanks filled up for free? But if you think this sweepstakes is too good to be true, you’re right.

Throughout the summer, five weekly winners will receive free gas for life, which according to the Florida Lottery, is  $2,600 a year over the winner’s lifetime – for a minimum of 20 years. Or the lucky winners can opt for a cash payout of $52,000. “Gas for a Year” winners receive 26 prepaid cards, each worth $100.

While lottery players welcomed the sweepstakes– some even saying it’s better than the $250,000 grand prize-- the contest falls short when compared to gas prices across the state. According to AAA, gas averages $3.93 per gallon in the Sunshine State – one-hundredth of a cent above the national average of $3.92.

But Florida lottery failed to consider the rising price of gas. Each year a single vehicle uses approximately 550 gallons of gasoline, reports the US Bureau of Transportation. That means the average car owner annually spends $2,156 on gas.

“That would be about 24 years of ‘paid gasoline’ if prices remain around $3.92,” says Randy Bly, director of community relations for AAA Auto Club South. “No one knows what will happen with gas prices years down the road.”