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JEC Report: Money in the Bank, Not in the Tank

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Press release: “As Memorial Day weekend approaches and the average gas prices hit record highs of $3.22 a gallon, U.S. Senator Charles E. Schumer (D-NY), Chairman of the Joint Economic Committee, released a report today revealing that the average American family will spend approximately $3,180 on gas this year alone. The report entitled Money in the Bank, Not in the Tank, shows that the average American family could save about 22 percent of their current expenditures on fuel by increasing their average fuel efficiency to 35 miles per gallon.”
Related government documents:

  • Keep Your Cash, Keep Your Cool, Use Less Fuel – FTC Provides Tips for Saving Money at the Gas Pump and Cooling Your Home
  • FTC Testifies on Market Forces, Competitive Dynamics, and Gasoline Prices – Initiatives to Protect Competitive U.S. Gasoline Markets Detailed
  • FTC Testifies Before Congress on Petroleum Industry Consolidation – Commission Has Been ‘Particularly Vigilant’ Regarding Oil Industry Merger Enforcement
  • A new report by the Center for American Progress titled Pain in the Gas: Volatile Gasoline Prices Wreak Havoc on Household Finances, calculates the cost of this volatility on average workers commuting to and from work and families heading out on classic American vacation road trips this summer. If gasoline prices continue to rise—as some, including Secretary of Energy Samuel Bodeman, believe they will—then the budgets of Americans nationwide are in for serious hits.”

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