Have We Hit Peak Gasoline?

Carl Quintanilla of CNBC posted this chart on "X' for a conversation about gasoline prices. As I've mentioned before, as a percentage of a family's monthly spend, gas doesn't come to a heck of a lot in the grand scheme of things, but it sure does have a lot to do with their sentiment about the economy.

Seems like we're going a lot further on a gallon of gas than we ever have, and that should come as no surprise to anyone. Cars are far more efficient on fuel economy, especially at highway speeds where 8 speed transmissions keep engines loafing at less than 2000 RPM at 70 MPH. Add the inroads hybrids and EVs are making, and I think it's safe to assume we have a trend in place that won't be reversed. As newer cars replace older ones year by year, the American car fleet gets more and more efficient, no matter how fast or slow EV adoption is.

The political implications here are worth speculating on, as we may have to find something else to obsess over in coming elections. As far as the economic implications, it will hopefully dawn on people that the price of gasoline is the least of their worries.