OREANDA-NEWS. US households are expected to spend roughly \$1,817 on gasoline this year, marking the lowest level since 2004 and a \$700 decline from the prior year, according to the Bureau of Labor Statistics' Consumer Expenditure Survey.

The survey uses price forecasts from the Energy Information Administration's (EIA) Short-Term Energy Outlook.

Annual expenditures on gasoline averaged \$2,513 in 2014. They are expected to rise in 2016 by 13pc to \$2,058 as gasoline prices rise. In 2004 US households on average spent \$1,598 on gasoline.

Retail gasoline averaged \$2.499/USG last week, down from \$3.67/USG the same time last year.