By Stephanie Kelly

NEW YORK, (Reuters) – Americans are facing a sharp rise in fuel costs after the recession.

However, U.S. consumption of gasoline and energy has been at an all-time low level in recent months – even for the time prior to the coronavirus epidemic.

Since the United States’ invasion of Russia and the subsequent sanctions against other countries, global energy market prices have risen dramatically. U.S. gasoline prices reached an all time high, and global oil prices rose to their highest level in 14 years.

The Bureau of Economic Analysis reports that Americans were able to allocate a record low 1.3% of all their gasoline and other energy products during lockdowns by government governments in the wake of the coronavirus pandemic of April 2020.

Consumer spending on fuel and energy has increased over the years. According to BEA data, 2.6% of total consumer spending was spent on gasoline and other energy products by December 2021. This is the highest figure since 2015. The most recent data available shows that this number was 2.5% for January. However, it will continue to rise.

Consumption of fuel increased steeply – The share of gasoline and other energy products was up by almost 0.9 percentage point between December 2020 and 2021. This month has seen the greatest annual growth since December 2008 to 2009.

Tom Kloza is the global head for energy analysis at OPIS. He stated that prices rise, particularly when they do so quickly.

However, they still spend less money on fuel and energy than ever before. Consumers spent 4.5% on fuel and other goods in July 2008, when the financial crisis hit. In March 1980, after the 1979 oil shock, their share was 6.3%, which is a new record.