Gas continues to reach new highs, with average prices hitting a record $4.56 a gallon on Wednesday and topping $6 a gallon in California, the state with the highest prices at the pump, according to AAA.
That’s taking a bite out of consumers’ budgets, with the typical household spending $4,800 on gas at an annual rate — a 70% jump from a year ago, according to Wall Street economist Ed Yardeni. A year ago, households spent about $2,800 on gasoline each year, he noted in a LinkedIn post about his research.
“How much pain at the pump can consumers take?” Yardeni asked.