7 On Your Side
Americans spend more to drive
The price of gasoline is taking up a much larger percentage of our budgets these days.
Figures from the Energy Department that came out on Monday show that Americans spend an average of $2,900 per year on gasoline. That's almost 4 percent of our pre-tax income and it's the highest in 30 years.
This latest news is a bit frustrating, since we used less gasoline in 2012. That's mostly due to more fuel efficient vehicles and better driving habits, but higher gas prices outweighed any savings through reduced consumption methods.
Meanwhile, a second report from the Union of Concerned Scientists found we'll spend as much on gas during the life of a vehicle than the cost of the vehicle.
gas prices, 7 on your side, michael finney
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