The reason for this question is because there is a lot of grumbling about the cost of gasoline, now that it has hurdled the $3.00 bar yet again. However, my gas budget isn’t more than about 3% of my entire budget… mortgate, utilities and food are what wipe me clean out. I’m wondering why we complain so much about fuel when we spend so little on it compared to other areas of our lives.
Don’t get me wrong… I’d love to see us free ourselves from oil, so we can reduce our energy bills and our dependence on the Middle East, but I’m not sure if gasoline isn’t just a scapegoat for us.
Not too many answers yet… will wait out some others. In the meantime, I was interested to see an article with some details (see link below.)
I found it interesting that the article stated that the average household budget for gas is about 3%, and I was really pleased to see some sanity restored to the nonsense by the Iowa State Professor:
“Economics professor Peter Orazem of Iowa State University said gasoline costs are about 3 percent of the average household’s budget, so even stark increases in gas prices have a muffled impact on people’s overall expenditures.”
Yahoo Gas Price Article: http://tinyurl.com/2sppnr