Gas prices 13.6% higher than last December

By CNN
Posted Dec. 21, 2010 at 2:30 p.m.

Holiday shoppers will need to bump up their budget for one purchase this year, and they can’t even put it under the tree: gasoline.

The price of fuel is up 13.6 percent from last December and 76 percent higher thanĀ  December 2008, according to a new study from the Oil Price Information Service.

Nationwide, drivers spent $305 on gasoline in December.

Who’s hardest hit? People in Montana.

Montanan households are estimated to have spent more thanĀ  $449 a month on gas this year, representing a 12.74 percent slice of their household budget.

New Yorkers are getting off relatively easy. Households there are estimated to have spent around $214 a month on gas, just 4.71 percent of their household income. Other low-cost states include Maryland, Massachusetts, Nevada and Illinois.

It’s common that people in rural states spend a higher percent of their salary on gas, as incomes tend to be lower. They also often have further to drive for work, and tend to buy larger vehicles.

The study’s authors noted high fuel prices are likely to have a big effect on other things people purchase.

“Rising gas prices are more relevant to household budgets than a cursory glance at numbers might indicate,” said the report, pointing to a forthcoming study. “Higher fuel prices motivate stunning behavioral changes in shopping patterns, and influence choices for premium versus discount merchandise.”

And don’t expect much relief going forward.

Based on the current high price of crude oil and historical trends, the authors say gasoline prices in the $3.75 range could be a reality by spring.

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One comment:

  1. David Starr Dec. 21, 2010 at 10:12 pm

    The article was missing recommendations on how to save on gas, there is an outfit called
    MyGasDiscount.info, I joined them (it doesn’t cost anything to join) and then when I fill up,
    I keep the receipt and mail it in to get a 50% rebate on the amount I spent for gas. However,
    there is an upper limit that you can do each month I think it is $200 or something like that — but
    believe me an extra couple of hundred bucks a month gives my family our weekly trip to the
    movies again… or you can always buy more gas.. LOL