Gasoline to Account for 4.8% of Budgets, API Says

U.S. consumers will spend about 4.8 percent of their 2010 household budgets for gasoline, up from 4 percent in 2009, the American Petroleum Institute estimated.

The average consumer will spend $2,674 on gasoline this year, John Felmy, chief economist with the Washington-based API, said in a conference call today.

In 2009, the average household spent $1,986 for gasoline, or 4 percent of the total budget. In 2008, the average household expenditure for gasoline was $2,715, or 5.4 percent of the budget, Felmy said.

Regular gasoline at the pump, averaged nationwide, fell 0.3 cent to $2.872 a gallon yesterday, AAA said on its website. Prices, which have fallen for six consecutive days, are 8.7 percent above a year earlier. Prices peaked this year on May 5 at $2.929.

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