Forty+ years ago, in 1967, the median income was $7,743. Gas cost .34 cents per gallon.
Thirty years+ ago in 1977, the median income was $13,572 and gas cost .62 cents per gallon.
Twenty+ years ago in 1987, the median income was $26,061 and gas cost .95 cents per gallon.
Ten+ years ago in 1997, the median income was $37,005 and gas cost $1.23 per gallon.
In 2006, the median income was $48,201 and the gas cost averaged $2.55 for the whole year, with the highest being around $2.95 in July.
I think we will see gas prices easily reaching $4.50, so an average may be around $4.00 for this year. Our median income, based on the previous ten years of growth will only be $50,441.
If we drive 12,000 per year and if our cars averaged 15 miles per gallon, then that means that:
In 1967, the figures are $272 for our yearly gas bill or 3.5% of the median income.
In 1977, the figures are $496 for our yearly gas bill or 3.65% of the median income.
In 1987, the figures are $760 for our yearly gas bill or 2.9% of our median income.
In 1997, the figures are $984 for our yearly gas bill or 2.65% of our median income.
In 2006, the figures are $2,040 for our yearly gas bill or 4.2% of our median income.
That means that in 2008 we could easily spend $3,200 for our yearly gas bill or 6.3% of our median income.
No doubt we will have to budget a whole lot more to pay the piper. I find myself using my truck less and less for running around the area, but I will always use it for fishing trips.
There is a retired U.S Marine drill sergeant I know and he has a favorite expression that he used to use on his recruits: “Suck it up cupcake”. I guess we will have to start sucking it up.
Larry :roll: —sagefisher—