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

    Bishop Statement on the Appointment of Brian Steed as Director of the Bureau of Land Management

    Chairman Rob Bishop (R-UT) issued the following statement in reaction to the appointment of Brian Steed as Acting Director of the Bureau of Land Management (BLM): “Brian Steed has the expertise to hel...... Read more

    Financial Controls Over Federal Assistance Dominates Hearing on Hurricane Recovery in U.S. Territories

    Today, the Full Committee held an oversight hearing on “The Need for Transparent Financial Accountability in Territories' Disaster Recovery Efforts." The panel reviewed the financial needs of both Pue...... Read more

    Committee Passes Bipartisan SECURE American Energy Act

    Today, the House Committee on Natural Resources passed H.R. 4239, the “Strengthening the Economy with Critical Untapped Resources to Expand American Energy Act” or “SECURE American Energy Act.” The bi...... Read more

    View All News

    Calendar

    Oversight Hearing, "Modernizing NEPA for the 21st Century"
    Full Committee | 1324 Longworth House Office Building Washington D.C. 20515
    Legislative Hearing on Bill Streamlining Water Projects
    Water, Power and Oceans | 1324 Longworth House Office Building Washington D.C. 20515
    Legislative Hearing on Geothermal Exploration, 3 Other Bills
    Energy and Mineral Resources | 1334 Longworth House Office Building Washington D.C. 20515
    View All Events