Energy Dept. Predicts Household Gasoline Expenditures to Be Lowest in 11 Years in 2015
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nikitos77/iStock/Thinkstock(WASHINGTON) — The U.S. Energy Information Administration expects next year’s household gasoline expenditures to be the lowest in 11 years.
According to a report published by the EIA on Tuesday, the average household in the U.S. is expected to spend about $1,962 on gasoline in 2015, down about $550 from 2014. This is partly due to the continued falling price of gasoline.
The EIA’s weekly report indicated that gasoline costs an average of $2.55 per gallon as of Monday, down $1.16 from late April 2014. That figure is also the lowest since October 2009.
The EIA notes that the dropping price of gas is also aided by the increased fuel economy of many cars and trucks, which travel further per gallon of gas.
The EIA says that gasoline expenditures represent about five percent of household expenditures, based on data from recent years.
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