Following Leader Cantor’s speech this afternoon on needed reforms for #MakingLifeWork, we wanted to point out a rather disconcerting Administration report regarding the percentage of household income spent on gasoline in 2012. It was the second highest in the past three decades.
“… Meanwhile, the U.S. Energy Information Administration reported Monday that gasoline expenditures in 2012 for the average U.S. household reached $2,912, or just under 4 percent of income before taxes. This was the highest estimated percentage of household income spent on gasoline in nearly three decades, with the exception of 2008, when the average household spent a similar amount. Gasoline prices averaged $3.63 a gallon in 2012, according to EIA.” (Sharon Epperson, “Consumers Taking Financial Hit From Rising Fuel Prices,” CNBC, 2/4/13)
Needless to say, with an Administration that refuses to offer or embrace an energy agenda that seizes North America’s opportunity to become energy independent, the American consumer will continue to spend far too much of their income on fuel. It is time the President and his Administration realize that it’s anti-domestic energy agenda is directly hurting every American family.