Monday, May 09, 2011

Your monthly gasoline bill: $368

Round-trip airfare from New York to Los Angeles. More than a dozen dinners for two at Applebee's. Two 16 GB iPod nanos. These are just a few of the things you could have bought if you weren't spending $368.09 a month on gasoline. That's the average amount American households spent on gas in April, according to an exclusive analysis of data by the Oil Price Information Service for CNNMoney. The study, which compared average gas prices with median incomes nationwide, also showed that U.S. households spent nearly 9% of their total income on gas last month. That's more than double what the average American family spent just two years ago, when gas prices were hovering around $2.05 a gallon. "Gas prices have just skyrocketed," said Fred Rozell, director of retail pricing at OPIS. After surging nearly 30% this year, the national average price for regular gasoline is less than 2 cents away from $4 a gallon. That's still below the all-time high of $4.114, but prices in many parts of the country have already risen to new records well above that level...more

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