Just How Costly is Gas?
Date
2006-07-18T19:02:59Z
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Abstract
Record gasoline prices are generating outrage from drivers, and will continue to be a policy issue. Nevertheless the evidence suggests that gasoline expenditures are, on average, a relatively small
budget item. Historically, consumers spent more of their budgets on gas in the eighties than presently. Within the context of other consumer expenditures, consumers spend approximately fifty percent more of their budgets on dining out, and thirty-eight percent more on entertainment, than on gasoline and oil. However, as gas prices continue rise, gas expenditures may command an increasing share of total expenditures, and reduce discretionary expenditures on other items. Should the price of oil continue to rise, inflation-adjusted prices will close in on the record high of 1980.
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Gasoline