Nov. 22 (Bloomberg) -- 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.
To contact the reporter on this story: Barbara J. Powell in Dallas at email@example.com
To contact the editor responsible for this story: Dan Stets at firstname.lastname@example.org