When the gifts from Grandma are unloaded and holiday travel is over, the typical American household will have spent $4,155 filling up this year, a record. That is 8.4 percent of what the median family takes in, the highest share since 1981.
Gas averaged more than $3.50 a gallon this year, another unfortunate record. And next year isn't likely to bring relief.
TESTIFYING BEFORE the House Energy and Commerce Committee last week, Energy Secretary Steven Chu was asked about something he said in September. "Somehow," the Nobel laureate had told The Wall Street Journal, "we have to figure out how to boost the price of gasoline to the levels in Europe." At the time, gasoline in Europe was going for around $8 a gallon. Did the secretary, Florida Representative Cliff Stearns inquired, still want to see US gas prices rise that high?