The average U.S. household spent $2,912 on gasoline last year, or about 4% of household income before taxes, according to the U.S. Energy Institute.
This is at the highest level in three decades, except for 2008 when we had a really big spike in oil prices.
There’s no getting around it. High energy prices are a constraint on growth and it’s one reason why our economy isn’t really going anywhere.
Click here to see the report.