Will Gas Ever Be Cheaper?

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It’s now day three of record gas prices in California, pulling $4.67 from the pockets of every driver in the Golden State each time they burn a gallon of fuel. Needless to say L.A. traffic just got a lot more expensive.

Nationally, the picture isn’t quite as bleak. The high prices have been buoyed, mostly, by the shutdown of two refining facilities tightening supply for California and more than a few neighboring states. However, since October of last year the average cost of gasoline in the U.S. has risen $.42. Prices are expected to stabilize, but its not likely they will fall much from their current position anytime soon.

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More People, More Cars, More Planes. Less Fuel.
As of today there a little more than seven billion people living on this planet. The number of cars on the plant surpassed one billion more than a year ago and in the U.S. alone, there are nearly 350,000 aircraft flying our friendly skies. None of these items, people or machines, will be dwindling in numbers.

And then there is this. Global oil demand is expected to rise 21 percent by 2030.

Your Evaporating Wallet
According to the U.S. Department of Labor’s Consumer Unit Expenditure report, Americans spent, on average, $2,655 on gasoline in 2011 – a nearly 34 percent increase from the previous year. Anywhere from 14 to almost 18 percent of our annual income is spent on transportation of one kind or another.

When you couple the rising cost of fuel, food and particularly healthcare just being able to function and live in today’s world is becoming a pricey proposition.

All Hope Is Not Lost – A Few Money Saving Tips
The internet is filled with excellent money saving tips when it comes to gasoline. Some are obvious and others silly, but in these times everyone can find a way to pinch more than a few pennies from some more efficient driving behaviors.

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Check out the Bargainist’s 20 Tips to Save Money on Gas.

And for some more fun facts, like knowing that the Ford Model T gets better gas mileage than the Expedition, pour over this info graphic from H&R Block.
Click image to enlarge

Soaring Gas Prices

Source: H&R Block