Analysts: Families Spending 8.4 Percent Of Income On Gas
CHICAGO (CBS) -- Oil analysts are reporting families are now spending 8.4 percent of available median income to fill up their gas tanks.
As WBBM Newsradio's John Cody reports, the high fuel prices are leading to some adjustments.
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University of Illinois finance professor Don Fullerton says if amount spent on gas is up, something else had to go down in family budgets.
"The money has to come from somewhere else, and they cut out some other restaurant meals, or entertainment, or movies, or something, or it reduces their savings," Fullerton said.
The Oil Price Information Service is reporting the typical American household is spending $4,100 on gas this year.
The figure represents the highest hit on family income since 1981.
