According to a study by financial firm Mint, gas prices are affecting household economies nationwide, and Americans are experiencing the financial strain. The average household in the U.S. burns through 1,100 gallons of gasoline annually. And while residents in some states are paying over $4 per gallon at the pump, they might not be feeling it as much as those residents in states with low median incomes. The following chart sheds some light on the situation nationally:
Interestingly, gas prices proportionate to income are the best in Colorado, and the worst in Mississippi, where residents spend 10.7% of their annual incomes on fuel.
In related news, Ford and Chevrolet continue to develop their entries into the electric car market. Though, it’s not clear that electric vehicles would even solve the economic and environmental problems caused by conventional cars.