Gasoline as percentage of household income up - WTRF 7 News Sports Weather - Wheeling Steubenville

Gasoline as percentage of household income up

Posted: Updated:
  • EnergyEnergyMore>>

  • Ohio steel company acquires assets in Severstal, part owner of Mountain State Carbon

    Ohio steel company acquires assets in Severstal, part owner of Mountain State Carbon

    Monday, July 21 2014 11:54 AM EDT2014-07-21 15:54:19 GMT
    Ohio-based AK Steel has signed a $700 million cash agreement to acquire Severstal North America’s integrated steelmaking assets in Dearborn, Michigan, as well as a cokemaking facility and interests in three joint ventures that process flat-rolled steel products, the company announced July 21.
    Ohio-based AK Steel has signed a $700 million cash agreement to acquire Severstal North America’s integrated steelmaking assets in Dearborn, Michigan, as well as a cokemaking facility and interests in three joint ventures that process flat-rolled steel products, the company announced July 21.
  • Bethany College gets in the gas business

    Bethany College gets in the gas business

    Sunday, July 20 2014 8:00 AM EDT2014-07-20 12:00:20 GMT
    In the Village of Bethany, you will find Bethany College, a post office and Chambers General Store. And on a hot summer morning, you’ll be lucky to see a car on Main Street.
    In the Village of Bethany, you will find Bethany College, a post office and Chambers General Store. And on a hot summer morning, you’ll be lucky to see a car on Main Street.
  • Pa. community college plans process technology curriculum

    Pa. community college plans process technology curriculum

    Saturday, July 19 2014 6:00 PM EDT2014-07-19 22:00:22 GMT
    It started with a week-long trip to Texas and a $200,000 grant from the National Science Foundation.
    It started with a week-long trip to Texas and a $200,000 grant from the National Science Foundation.

The Energy Information Administration reported this morning that gasoline prices as a percentage of household income were nearly at a three-decade high.

The average U.S. household spends about $2,012 in gasoline expenditures annually, representing about 4 percent of income before taxes. In the past 30 years, gasoline prices represented such a large part of annual household spending only in 2008, when the percentage was similar.

"Although overall gasoline consumption has decreased in recent years, a rise in average gasoline prices has led to higher overall household gasoline expenditures," the EIA posted on its Today in Energy blog. "However, these expenditures as a percentage of overall household income are still low when compared to the early 1980s, when the estimated portion of household income spent on gasoline surpassed 5 percent. Although travel per household has increased significantly since the early 1980s, vehicle efficiency has also risen significantly, reducing the amount of gasoline used per mile."

Higher prices, the EIA state,s has largely offset the effects of efficiency gains that lead to lower overall of consumption of gasoline.

The EIA added that expenditures rose over 26 percent from 2011 to 2012 while household income increased just 3.4 percent.