Gas prices’ impact hits 30-year high
Fuel costs are taking a big bite out of household budgets, according to separate reports Monday from the Energy Department and from the Union of Concerned Scientists.
The Energy Department says U.S. households spent an average of $2,912 on gasoline, or almost 4 percent of their pretax income, the highest percentage in 30 years.
That’s despite the fact that Americans consumed less fuel in 2012 for a variety of reasons, including more efficient driving habits and higher-mileage vehicles.
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