Gasoline consumption to hit 9.3 million barrels per day in 2017

by Talk Business & Politics staff ( 41 views 

U.S. households are expected to spend $1,977, or about 2.4% of their income, on gasoline in 2017, according to the U.S. Energy Information Administration. In 2008, households spent $2,715 or 4% of their income on gasoline. In 2015 and 2016, households spent less than $2,000 or 2.5% of their income on gasoline.

Over the past 10 years, the amount of money households have spent on gasoline has fluctuated as a result of changes in gasoline prices and consumption. When prices are high, households consume less gasoline but spend more on it.

Since gas prices have fallen since 2012, households have increased the use of their vehicles and gasoline consumption, according to the EIA. In 2017, gasoline consumption is expected to rise to 9.3 million barrels per day, a record-high.

In 2017, the average price of gasoline is expected to be $2.48 per gallon, 33% lower than the price in 2012.

In Arkansas, the average price of a gallon of regular gasoline has risen 21 cents to $2.25 per gallon on Monday (Oct. 9), from the same time in 2016, according to the AAA. But since September, the average price per gallon has fallen 16 cents, from $2.41 per gallon.