Average household spending on gasoline expected to remain below $2,000 in 2017, EIA report says
The average U.S. household expenditure on gasoline in 2017 is expected to total $1,977, or approximately 2.4 percent of mean incomes of households, according to a recently released report from the U.S. Energy Information Administration (EIA).
The report also said the most recent peak for household gasoline expenditures was $2,715, approximately
4 percent of household income, in 2008. In recent years, 2015 and 2016 specifically, expenditures were near or below $2,000, or 2.5 percent of total household income.
Fluctuations in expenditures over the past decade were a result of changes in gasoline prices and consumption habits, according to the report.
Increases in vehicle travel and gasoline consumption were largely due to declines in gasoline prices since 2012. Recent EIA short term energy outlook (STEO) projections indicated that continued low gasoline prices were expected to lead to record-high gasoline consumption of 9.3 million barrels per day for 2017.
Lower gasoline prices also contributed to decreasing household gasoline expenditures since 2012 as gasoline consumption increased. STEO estimated that gasoline prices will average $2.48 per gallon in 2017, which is 33 percent lower than 2012 prices.
