High gas prices taking big slice of family budgets
UNDATED (NBC) -- In 2012, families saw more of their budget go into paying for gas than in the past 30 years.
It's like draining the family budget with every fill up. Experts say 4 percent of our gross income is now spent on filling our gas tank and for people who need to drive higher prices mean taking money from other parts of the budget.
Economist Alan Gin said when our economy is struggling to get back on its feet; higher prices can knock our recovery off track.
"The more people spend on gasoline the less they have to spend on other parts of the economy. so that could slow our economic growth,” said Gin.
The frustrating thing here, we're actually buying less gas than we did 5 or 10 years ago - the problem is, that gas keeps getting more and more expensive."
"The average price in 2012 was probably higher than it has been in any other year," said Gin.
With the exception of our fuel spending in 2008, last year, gas took the biggest slice out of the family budget pie than in the last three decades. So for drivers, there really is pain at the pump. The problem - is trying to find a solution.