Americans spend 4% of household income on gasoline
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This final note today, which comes with the observation that the price of a barrel of crude oil has been rising for two straight months. The Energy Department said today the average American household now spends $2,900 a year on gas. That’s just under 4 percent of household income, which is, in turn, the most we’ve spent on gas in 30 years.
It’s all about the costs of efficiency, really. Even though our cars get more miles per gallon, we’re driving more.
Oh, and gas is expensive.