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SEARCHThe portion of household income spent on gasoline has doubled in the last five years.
Less than one year ago the national average price for regular gasoline was $2.96 per gallon, and many consumers simply wrote off monthly fuels costs as a mere annoyance. Those days are over, according to a study released today by Edmunds.com.
Edmunds.com data shows that with gas prices at $4.06 per gallon there are 60 vehicles in the new-vehicle market that cost consumers more than $100 to fill.
In a separate analysis, Edmunds.com has also calculated that the median household is spending 11.5 percent of its income on gasoline expenses, up from 4.6 percent five years ago.
A look at historical household incomes and fuel prices reveals the degree to which fuel prices are affecting consumers' budgets:
Date | Price of Gas | Median Yearly | Percent of Income | |||
Jul-91 | $1.09 | $30,126 | 4.9% | |||
Jul-95 | $1.14 | $34,076 | 4.6% | |||
Jul-99 | $1.19 | $40,696 | 4.0% | |||
Jul-03 | $1.51 | $43,318 | 4.8% | |||
Jul-07 | $2.96 | $48,201 | 8.4% | |||
Jul-08 | $4.06 | $48,201 | 11.5% |
1 Energy Information Administration data
2 US Census Bureau data. Last reported year is 2006; 2007 and 2008 income figures are assumed the same as 2006
3 Assumes 30,000 miles driven per household per year and 22 miles-per-gallon average fuel economy
As shown by Edmunds.com data below, the number of models on the market that cost over $100 to fill is on the rise.
Price of Gas | Number of Models Costing | Percent of Models | ||
$3.00 | 20 | 6.0% | ||
$4.06 | 60 | 18.0% | ||
$5.00 | 149 | 44.6% | ||
$6.00 | 243 | 72.8% |
1 Assumes models are purchased with largest tank available
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