The Energy Department’s statistical arm reported Monday that the average household spent $2,912 for gasoline in 2012, which makes up almost 4 percent of pre-tax income, tying 2008 for the highest percentage in roughly 30 years.
Pump prices took center stage in White House races in 2008 and 2012, but gasoline expenditures as a share of household income remain lower they did than the early 1980s, when they were above 5 percent.
Prices last year were elevated enough to push the share of household spending to the highest level in decades even though overall gasoline consumption has been declining for years.
“Efficiency gains have accelerated in recent years, such that total U.S. gasoline consumption fell in 2011 to 134.2 billion gallons, its lowest level since 2001. However, at the same time, EIA’s average city retail gasoline price rose 26.1 percent in 2011, and another 3.3 percent in 2012, when it reached $3.70 per gallon. The effect of the higher prices in 2011 and 2012 outweighed the effect of reduced consumption,” EIA reports.
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