For Every Two Dollars Spent On Groceries, Americans Spend One Dollar On GasolineFebruary 5, 2013 12:50 pm
One way to look at America is to look at everything that is happening in the country through the ‘driver’s lens’- because that is one thing most Americans are: drivers. America is a country that loves to drive – so much so that a very significant proportion of income is spent on just fueling up their vehicles. We spotted this stat today, that Americans spend about 4 percent of their incomes on gasoline (Source)
$479 billion: that is the amount spent by American households on gasoline in 2012. Huge numbers, these.
How do we digest this number? If you consider that as half-a-trillion dollars, that amount is greater than the GDP of a surprising number of countries. But let us compare it with something that makes more sense – how much money Americans spend on food. Americans spent less than 9 percent of their income on groceries in 2012 (Source)
So for every two dollars spent on groceries, Americans spend one dollar on gasoline. That must be quite an equation.