SOURCE: Center for American Progress

May 24, 2007 07:43 ET

Pain in the Gas -- New American Progress Report on Gasoline Prices

WASHINGTON, DC -- (MARKET WIRE) -- May 24, 2007 -- A new report by the Center for American Progress titled "Pain in the Gas: Volatile Gasoline Prices Wreak Havoc on Household Finances," calculates the cost of this volatility on average workers commuting to and from work and families heading out on classic American vacation road trips this summer. If gasoline prices continue to rise -- as some, including Secretary of Energy Samuel Bodeman, believe they will -- then the budgets of Americans nationwide are in for serious hits.

This new report considers the consequences for commuters and vacationers who calculated their monthly spending this year on average gasoline prices of $2.31 per gallon at the end of 2006. By May of this year, average prices were $3.10 per gallon, which means the average commuter has only 75 percent of the money budgeted to get to and from work each month. Should prices at the pump reach $3.50 per gallon then this commuter has only 65 percent of cost of commuting covered. At $4.00 per gallon, the average commuter has set aside only 55 percent of the cost of going to work each month.

Read the full report here: http://www.americanprogress.org/issues/2007/05/pain_in_the_gas.html

VIDEO (http://www.chbn.com/Clip.aspx?key=629ABC4F56115B78)

Contact Information

  • Sean Gibbons
    Director of Media Strategy
    Center for American Progress
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