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More Expensive Gas Prices Don’t Hurt Us As Much As They Used To

Gas prices are once again dominating the national debate.

But despite rhetoric, high gas prices aren’t hurting as much as they used to.

In 1981, when oil prices spiked following the Iranian Revolution, gasoline represented nearly 5% of the nation’s spending, according to the Bureau of Economic Analysis. In 2011, only 3.7% of spending went to gas, even though prices averaged at their highest level ever that year.

This isn’t to say high gas prices don’t hurt — they do, especially for people living paycheck-to-paycheck or those that drive a lot.

More expensive gas prices don’t hurt as much when you are living in a van down by the river.

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