Consumers Had Record Gasoline Bills In 2011

Despite the fact that gasoline prices have been falling in recent weeks, making pump prices seem like a bargain, the fact is consumers have spent more money on gasoline this year than any other, according to the Oil Price Information Service (OPIS).

OPIS' Tom Kloza reports that as of mid December, U.S. motor fuel prices have averaged $3.5223 per gallon, with that number fractionally lower when the year draws to a close next week. Based on recent demand trends, he says the total consumers will have spent on gasoline this year should be right at $481 billion.

If you'll recall the pain at the pump consumers endured in 2008, when gas prices averaged well over $4 a gallon at mid-year, the total spending during that year was less than this year - coming in at $448 billion. Prices didn't go as high this year, but stayed at elevated levels for a longer period of time. In 2008, prices collapsed in the fourth quarter, along with the rest of the economy.

Last year, motorists spent a total of $389 billion on gasoline, according to OPIS.

$4,155 gasoline bill

When all of this data is broken down, Fred Rozell, OPIS' Retail Director, says each American household will have spent an average of $4,155 on gasoline 2011, approximately 8.4 percent of an average family's income.

Gasoline prices began rapidly rising in late 2010, when normally they go down. The average price at the pump was just over $3 a gallon at the end of last year and continued to rise throughout the winter and spring, peaking at $3.985 a gallon on May 5.

Since then prices have slowly declined, with the national average price of self-serve regular today at $3.213 a gallon, according to AAA. Last year at this time the average price was $2.981.