The price of a barrel of oil closed Friday’s trading session at $118.52.
In 2002, the average American spent $1,200 a year on energy goods
and services, according to the Bureau of Economic Analysis
and SmartMoney.com. At the close of 2007, that amount had increased
to $2,100, or a gain of $900. However, over that same span,
average disposable income (personal income less personal current taxes) rose
from $27,200 a year to $34,236 (current dollars), or a gain of $7,036.
Everyone hates higher gas prices, including me. But energy is still cheap, for the time being.
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