Spending on gasoline hits a record

NEW YORK, Dec. 20 (UPI) -- The average U.S. household is expected to spend a record 8.4 percent of its income on income on gasoline in 2011, the Oil Price Information Service said.

Although the price of crude oil spiked at a record $147 per barrel in July 2008, the price fell sharply to less than $40 per barrel by the end of the year.

In comparison, the price of crude in 2011 has not peaked as high as 2008, but the price has remained high all year.

On average the price of gasoline for 2011 has been $3.52 per gallon.

That means consumers will spend a record $481 billion on gasoline this year -- an average $4,155 per household.