Gasoline Spending to Hit 11-Year Low in 2015
The average U.S. household is expected to spend less than $2,000 on gas next year.
As fuel prices continue to drop around the country, the U.S. Energy Information Administration (EIA) has released a report showing that the average U.S. household will spend about $550 less on gasoline next year compared to 2014. Annual motor fuel expenditures are expected to drop to their lowest level in 11 years and it will be the first time since 2009 that average annual spending will be below $2,000.
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EIA forecasts that the average household gasoline costs will be $1,962 next year after prices for U.S. gasoline has dropped for 11 weeks in a row to an average of $2.55 per gallon as of December 15. Increases in average fuel economy of vehicles being sold is also contributing to lower expected fuel expenditures. The Environmental Protection Agency (EPA) has said that the production-weighted fuel economy of cars has increased from 23.1 mpg for model year 2005 cars to almost 28 mpg for model year 2014. In addition, fuel economy for trucks has also increased 19 percent, from 16.9 mpg to 20.1 mpg.
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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