4 Percent of U.S. Household Income Goes to Gas

Yahoo Contributor Network

According to the U.S. Energy Information Administration, gasoline expenditures in 2012 for the average household was just under 4 percent of income before taxes. This is the highest percentage of household income spent on gasoline in the past decade, with the exception of 2008. Here are the details.

* The EIA estimated that the average amount spent on gasoline by U.S. households this year was $2,912.

* Gasoline consumption has decreased in recent years, the EIA reported, though the price of gas has contributed to the higher household expenditures.

* In 2011, gas consumption fell to its lowest level since 2001. However, the EIA reported, the average city retail gasoline price rose 26.1 percent in 2011 and another 3.3 percent in 2012, where it reached $3.70 per gallon.

* The dramatic yearly increase in gas prices in 2011 was six times greater than the 3.4 percent rise in nominal household income, and 2012's gas price increase was more than the estimated 2.9 percent increase in income.

* According to the Atlantic , the increase in gasoline expenditures equals $900 a year more in 2012 than what was spent by the average household in 2009 -- nearly as much as a month's rent.

* The Atlantic reported that the world's demand for oil is pushing up the price of gas faster than motorists can cut back their time on the road or upgrade to more fuel-efficient vehicles.

* According to Time , after starting 2013 paying less for gas than a year ago, drivers are set to see price spikes in the coming months.

* Drivers expect these price increases though, Time reported, and -- according to a 2012 Gallup Poll -- won't make significant changes to they way they live their lives unless prices climb to $5.30 to $5.35 a gallon.

* The majority of Americans surveyed for the March 2012 poll stated that they thought the president and Congress should take actions to control the rising price of gas, with most believing that Washington can do things to keep the price from rising.

* 2008 saw a similar average household expenditure for gas as 2012, the EIA reported. According to CNN , low refinery output, high demand and surging crude prices accounted for record-setting prices that year.

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