Households are now spending an estimated $5,000 a year on gasoline

An electric bike is ridden by a woman past a gas station, as gasoline prices rise close to the record-setting territory of Encinitas in California on May 9, 2022.
Mike Blake | Reuters

Yardeni Research reports that Americans now spend the equivalent of $5,800 per year for gasoline, compared to $2,800 last year.

Yardeni pointed out that the March annual gasoline expenditure rate was $3,800. The firm reported that the record national gasoline retail price reached $4.59 per g during the week of May 16th.

“It’s not surprising that the Consumer Sentiment Index shows such low levels. Yardeni stated in a memo that it is amazing that retail sales were so strong during April-May.

Yardeni stated that consumers have very low inflation adjusted incomes, however, they have saved a lot and are now charging higher for credit cards.

Yardeni warned that you shouldn’t put your money against the U.S. consumers: “When our happiness is high, we spend more money.” We spend more when we’re depressed.

On Tuesday, April’s retail sales data was released. It was surprising. Year-over-year, retail sales rose 8.2% for the month.

In April, gasoline sales fell from March. However, prices briefly dropped before rising to new records in May. According to Commerce Department data, gasoline spending in April rose almost 37% compared with a year earlier.

AAA data shows that the average gasoline price was $3.04 a gallon in 2017 compared to $3.04 a year earlier. According to AAA data, this week’s average gasoline price was $4 per gallon.

According to The National Average Wednesday Gallon Price was $4.57 Per Gallon. AAA website.

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