Gas prices lowest since February, gas spending reaches all-time high
Although gas prices are the lowest since February at $3.34 per gallon nationally, consumer spending on gasoline is near an all-time high, based on recent reports by the American Automobile Association (AAA) and Securing Americaês Future Energy (SAFE).
Decreased demand because of less driving and more fuel-efficient cars, relatively lower crude prices and the cost savings from producing winter-blend fuel will keep gas prices low, says the AAA. Barring any major disruptions in supply, drivers are expected to see some of the lowest autumn prices since 2010. But DC has the tenth most expensive gas prices in the country –ranked with states — at $3.52.
Still, SAFE reports that the average American household spent more than $2,600 on gasoline last year, up 111 percent from 2002. Spending on gasoline increased an average of 8 percent per year, compared with 1 percent for other discretionary household spending. Because SAFE is focused on U.S. energy security and moving away from the current dependence on oil, it touts alternative-fuel vehicles as the best way to lower spending on gasoline.Download Bulletin PDF