One ex-Wall Street trader now drives for Uber and Lyft 75 hours a week — how he's surviving high gas prices putting other drivers in the red

Now, even though he drives a fuel-efficient Prius (1) which gets up to 40 miles per gallon, he says gas is a "huge expense."

"Before the war in Iran started, a fill-up cost me about $22," he said. "Today, it cost me $31 for the same exact tank."

Lewis fills up six or seven times a week, meaning his weekly spend on gas is up about $63 since the start of the Iran war.

That adds up to $252 more spent on gas per month. For context, it would take the typical Uber driver 16 hours to earn that much money.

Lewis says he's surviving thanks to his hybrid, but he's not sure how drivers with gas-powered cars can turn a profit.

Gas prices have risen to over $4 on average, up from around $3 a year ago, according to the American Automobile Association. (2) In states like California, prices average above $5.

How far can gas prices rise before gig workers say, "This isn't worth it?"

Rideshare drivers upset at 'ridiculous' compensation for gas

Ride-hailing companies treat drivers as independent contractors, leaving them on the hook for fuel costs. California-based Lyft (3) driver John Mejia told the Los Angeles Times that the company has offered drivers some compensation but that it's so minimal it's "ridiculous."

Amid the conflict in the Middle East, Lyft launched (4) a 60-day relief program (expiring May 26) offering its drivers cash back if they use their Lyft Direct debit card at gas stations.

Mid-level drivers get 1% cash back; top-tier drivers get 2% cash back.

"They're offering us nothing," Mejia said of the deal.

He says his profit margin has shrunk dramatically. In his early days with Lyft, he says, he could make $400 in three hours. Now, with the cost of gas factored in, it takes him 20 hours to clear a mere $200.

It isn't just gas that drivers have to cover as independent contractors. According to Gridwise (5), a rideshare app for drivers, Uber drivers typically spend $0.72 per mile on gas, maintenance and insurance. Of that, fuel costs represent $0.15 to $0.20.

Uber drivers in most American markets make up to $18 per hour, according (6) to The Rideshare Guy — $30 an hour in New York City and $32 an hour in Los Angeles. This is above the federal minimum wage ($7.25) (7).

But Uber drivers in smaller communities in California may well be making less than the state's fast-food workers, who earn a minimum wage of $20 per hour. (8)

Still, they make more on average than drivers for Lyft, Walmart Spark, Uber Eats, Grubhub, Instacart and Doordash — who tend to earn the least. (9)

Spiking gas prices drive riders to choose new routes for savings

Lewis says he's changed his driving habits to save money. He avoids long drives to avoid losing gas on the ride home. He also takes back roads instead of highways where possible. Small roads "are usually more direct and save miles," Lewis says.