Over recent decades, the U.S. economy has increasingly focused on service industries that require less energy. Concurrently, energy-intensive sectors have improved efficiency. Household wages have risen, resulting in energy costs, such as gasoline, constituting a smaller portion of total expenses compared to previous energy shocks. In 2024, gasoline costs represented about 4% of expenditures, down from 5.4% in 2008. Although gasoline prices have increased, the time needed to earn enough for a gallon of gas remains lower than in past crises, indicating improved affordability.
"The share of U.S. economic activity has increased in service industries that demand less energy, while sectors requiring large-scale energy resources have become more efficient."
"In 2024, gasoline costs were about 4% of total expenditures for the average American household, compared to 5.4% in 2008 during energy price surges."
"If gasoline prices hold at around $4 a gallon, a worker would need to work 6.3 minutes to buy a gallon, significantly lower than in previous energy crises."
"During the peak of the Ukraine invasion in June 2022, it took 9.2 minutes of work for a gallon of gas, compared to 11.3 minutes in the summer of 2008."
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