• Mar 15th 2011 at 2:52PM
  • Add
With the average cost of gasoline in the U.S. now at $3.53 a gallon, the typical household will spend around $700 more this year to fuel up their vehicles than it did in 2010. That's according to numbers from the Department of Energy (DOE), which says that total gasoline expenses for the average American household is expected to hit $3,235 in 2011, up 28 percent over last year.
Higher gasoline prices mean that consumers have less money left over to spend elsewhere, which some fear may have a negative impact on the U.S. economy. Within a couple of weeks, the DOE believes that gas prices will rise by at least 10 cents a gallon, adding more pain at U.S. pumps.

By mid-summer, drivers are expected to pay, on average, $3.71 for a gallon of gas, but the DOE also says that there's around a 25 percent chance that pump prices will exceed the $4-mark by the end of August. That's closing in on the industry-changing tipping point that Paul Taylor, chief economist for the National Automobile Dealers Association (NADA), discussed earlier this month, and August is not that far away.

[Source: Reuters via Green Car Reports | Image: diaper – C.C. License 2.0]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • 2015 Toyota Highlander
    MSRP: $29,765 - $44,140
    2015 Honda Accord
    MSRP: $22,105 - $33,630
    2015 Toyota Corolla
    MSRP: $16,950 - $22,955
    2015 Mazda Mazda3
    MSRP: $16,945 - $25,545
    2015 Jeep Grand Cherokee
    MSRP: $29,995 - $64,895
    Share This Photo X