Average Gasoline Spending Doubles Over Past Deacade
The average U.S. household is spending more than twice what it did a decade ago on gasoline each year.
According to data from Securing America’s Future Energy (SAFE), U.S. consumer spending on gasoline near all-time highs last year with the average household spending over $2,600 on gasoline in 2013. It also marks the third consecutive year that spending was over $2,600 and marks a 111 percent increase compared to the $1,235 spent in 2002.
“Surging domestic oil production has benefited the American economy in a number of ways; however, the new data from BLS shows that relief from gasoline spending for typical consumers has not been one of them,” SAFE executive vice president Sam Ori said.
SEE ALSO: US Gas Prices Continue to Fall
According to the study, gasoline spending increased an average of eight percent annually over the past decade while non-gasoline discretionary spending increased by an average of one percent annually.
“Until there is greater fuel competition in the transportation sector, Americans will continue to pay the global price for oil, and high fuel costs will continue to burden the American economy,” Ori said.
Geographically, gasoline spending was highest in rural Midwestern states while it was lowest in more densely populated states along the coasts. It’s not all bad news though, as gasoline prices in the U.S. continue to fall this year.
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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That's a good point, there was no burgeoning Chinese Middle Class 10 years ago.