Gas Expenditures as % Income at 30-year High

Paid over $4.00 a gallon this weekend.  This high this early in the year brings the gas price back on the macro radar screen.

The EIA notes,

Gasoline expenditures in 2012 for the average U.S. household reached $2,912, or just under 4% of income before taxes, according to EIA estimates.  This was the highest estimated percentage of household income spent on gasoline in nearly three decades, with the exception of 2008, when the average household spent a similar amount.

Lower end consumer getting clocked.  Keep it on your radar.

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