The High Cost of Gasoline

According to CNNMoney.com, the average American household spent a whopping $368.09 on gasoline in April. This is up from $281.06 in April of 2010 and $173.80 in April of 2009.

According to a study that was commissioned by CNNMoney, the average US household had to spend nearly 9% of their total income on gas last month. Mississippi was hit particularly hard by the rising cost of gasoline last month, as its residents had to shell out 14.23% of their paychecks to gas stations. The average household in Mississippi spent $434.52 on gas in April, which is an especially bitter pill to swallow considering that the median household income in the state is just $36,646.

The price of gasoline has been steadily marching higher since October of 2010, when the average cost of a gallon of gasoline in the United States was approximately $2.75. Today, the average cost of a gallon of gas in the US is just under $3.95.

Combine high energy prices with rising food prices, and the average American household is finding it harder and harder to last through the month. With inflation on the rise and the national unemployment rate sitting at 9%, it's no wonder that over 44 million Americans are currently receiving food stamps.

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The good news? A drop in gasoline prices is likely right around the corner, thanks to the plunge in oil prices this past week. According to some analysts, the average cost of a gallon of gasoline in the United States could drop to $3.50 by the summer.

Fingers crossed.

Source: CNNMoney.com - Your monthly gasoline bill: $368

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