US households spent average of $2,600 on gas last year
#1
09-27-2014, 01:00 PM
US households spent average of $2,600 on gas last year
Filed under: MPG, USA
The good news, for the domestic fossil fuel types, is that US oil production went up. The better news is that more people bought hybrids, plug-ins and high-fuel-economy vehicles, theoretically cutting their gasoline purchases as a result. And yet there remains some bad news for the domestic economy, as average US household spending on gasoline neared record highs last year.
The average US household spent more than $2,600 fueling up in 2013. That's about the same as each of the previous two years and more than double the amount American households spent in 2002, Securing America's Future Energy (SAFE) says, citing the US Bureau of Labor and Statistics' Consumer Expenditure Survey (CES).
Naturally, the impact hit the hardest on lower-income households, where gasoline spending accounted for almost 13 percent of pre-tax income. And the increases have been steady. Gas prices have been rising on average by a rate of eight percent annually during the past 10 years. By comparison, non-gasoline discretionary spending only rose about one percent a year.
Some good news may be on the way, though. Average US gas prices on Friday averaged $3.34 a gallon. That was down from $3.43 a year ago, according to AAA's Fuel Gauge Report. Check out SAFE's press release below.Continue reading US households spent average of $2,600 on gas last year
US households spent average of $2,600 on gas last year originally appeared on AutoblogGreen on Sat, 27 Sep 2014 15:55:00 EST. Please see our terms for use of feeds.
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The good news, for the domestic fossil fuel types, is that US oil production went up. The better news is that more people bought hybrids, plug-ins and high-fuel-economy vehicles, theoretically cutting their gasoline purchases as a result. And yet there remains some bad news for the domestic economy, as average US household spending on gasoline neared record highs last year.
The average US household spent more than $2,600 fueling up in 2013. That's about the same as each of the previous two years and more than double the amount American households spent in 2002, Securing America's Future Energy (SAFE) says, citing the US Bureau of Labor and Statistics' Consumer Expenditure Survey (CES).
Naturally, the impact hit the hardest on lower-income households, where gasoline spending accounted for almost 13 percent of pre-tax income. And the increases have been steady. Gas prices have been rising on average by a rate of eight percent annually during the past 10 years. By comparison, non-gasoline discretionary spending only rose about one percent a year.
Some good news may be on the way, though. Average US gas prices on Friday averaged $3.34 a gallon. That was down from $3.43 a year ago, according to AAA's Fuel Gauge Report. Check out SAFE's press release below.Continue reading US households spent average of $2,600 on gas last year
US households spent average of $2,600 on gas last year originally appeared on AutoblogGreen on Sat, 27 Sep 2014 15:55:00 EST. Please see our terms for use of feeds.
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