Tags: gas | jump | 700

Annual Gasoline Cost to Jump $700 for Average US Household

Thursday, 10 Mar 2011 11:18 AM

 

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
WASHINGTON — U.S. drivers will pay another 10 cents a gallon for gasoline before the latest jump in wholesale costs is fully passed on at the pump, and yearly motor fuel costs will rise 28 percent from last year, the Energy Department said Wednesday.

The average U.S. household will spend about $700 more for gasoline in 2011 than it spent last year, bringing total motor fuel expenses up 28 percent to $3,235, based on an annual pump price of $3.61 a gallon, the department's Energy Information Administration said.

Retail gasoline prices soared by 38 cents over the last three weeks to $3.52 per gallon, according to the EIA, because of high crude oil costs due to unrest in the Middle East.

"Because the pass-through of changes in wholesale gasoline prices to the retail level is lagged, pump prices would be expected to rise a further 10 cents per gallon to fully reflect the current wholesale price level even without considering any future wholesale price movements," the EIA said in its weekly review of the oil market.

Higher gasoline prices will give consumers less money to spend on other goods and services, which many economists fear could slow the U.S. economy.

The EIA said it expects drivers will pay an average $3.71 a gallon during the summer peak driving season from June through August, about 98 cents more than last year.

There is a 25 percent chance the pump price will exceed $4 a gallon from June through August, the agency said, compared with a 10 percent probability gasoline could fall below $3 during the same period.

© 2014 Thomson/Reuters. All rights reserved.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Stumbling S&P 500 Reaching Worst Stretch of U.S. Election Cycle

Wednesday, 16 Apr 2014 06:30 AM

The political calendar is working against investors.Already hit by concerns valuations are too high just as the Federal  . . .

Koch-Backed Mike Pence Mulling 2016 Republican Presidential Bid

Wednesday, 16 Apr 2014 06:27 AM

Mike Pence has spent more than a decade courting the deep-pocketed small-government cadre that has come to dominate Repu . . .

Bloomberg Organizes New Gun-Control Group, Will Spend $50 Million

Wednesday, 16 Apr 2014 06:16 AM

Former New York City Mayor Michael Bloomberg is willing to spend $50 million this year to foster a grassroots movement t . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved