Home > blog > Page
Wall Street Journal: Gasoline Costs Hit Families' Finances
"The average U.S. household paid an estimated $2,912 for gasoline last year, sucking up nearly 4% of the average household income before taxes, according to government data out Monday. That is the highest percentage in three decades, with the exception of 2008, when the rate was nearly identical."
Posted by @NealKirby on February 12, 2013

Gasoline Costs Hit Families' Finances
February 5, 2013
Wall Street Journal
By Tennille Tracy

Gasoline prices took a big bite out of Americans' pocketbooks in 2012.

The average U.S. household paid an estimated $2,912 for gasoline last year, sucking up nearly 4% of the average household income before taxes, according to government data out Monday. That is the highest percentage in three decades, with the exception of 2008, when the rate was nearly identical.

Many people are trying to cut down on fuel costs as they crunch the numbers on other family expenses. At an Exxon station just a few blocks from the U.S. Capitol, where a gallon of regular gas cost $4.49, car owners said they often waited to fill up their tank at cheaper stations and had started to calculate the shortest routes to conserve fuel.

Anne McKenna, a lawyer based in Baltimore, said she and her husband were saving for college for their three children. With a weekly gasoline bill that can reach $150, they take turns using the family's most fuel-efficient car, depending on who has a longer drive to make on any given day. "It's just the kind of thing you're aware of," Ms. McKenna said.

The nation's average price of gasoline is $3.52 a gallon, up 17 cents from a week ago, according to the AAA Fuel Gauge.

The single largest determining factor in the price of gasoline is the price of crude oil, which recently traded at about $96 a barrel.

The flip side of higher prices: The U.S. is using slightly less gasoline, thanks to thrifty drivers and more fuel-efficient cars. As of November, the U.S. was using about 8.7 million barrels of gasoline a day, down from nine million barrels a day in 2010, according to the Energy Information Administration.

    Post a Comment
    Fill out the fields below to submit a comment

    Latest News

    Hearing Focuses on Bills to Protect Property Rights, Increase Federal Transparency

    Today, the Subcommittee on Water, Power and Oceans held a legislative hearing on two bills to increase federal transparency, safeguard private and state water rights, and provide certainty to water an...... Read more

    Panel: Optimizing Rigs-to-Reefs Program Benefits Marine Ecosystems, Coastal Economies

    Today, the Subcommittee on Energy and Mineral Resources held a hearing on “Reviewing Recent State Successes with the Rigs to Reefs Program.” The panel focused on the environmental benefits of maintain...... Read more

    Panel Calls for Active Management to Improve the Health of National Forests

    Today, the Subcommittee on Federal Lands held an oversight hearing on “Seeking Better Management of America’s Overgrown, Fire-Prone National Forests.” Members and witnesses called for a paradigm shift...... Read more

    View All News

    Calendar

    Legislative Hearing on Four Bills
    Subcommittee on Federal Lands | 1324 Longworth House Office Building Washington D.C. 20515
    Oversight Hearing on the Status and Future of the Cobell Land Consolidation Program
    Subcommittee on Indian, Insular and Alaska Native Affairs | 1324 Longworth House Office Building Washington D.C. 20515
    Oversight Hearing Examining Impacts of Federal Natural Resources Laws Gone Astray
    Subcommittee on Oversight and Investigations | 1324 Longworth House Office Building Washington D.C. 20515
    View All Events