When gas prices fall, we expect them to remain low, and when they rise, many of us can't wait to get to a microphone to complain. The average household allocates less than 4 percent of its spending to gasoline. Federal income taxes alone take almost 10 percent of our earnings. Walden is an economics professor at N.C. State University and a adjunct scholar with the Locke Foundation. Material published in Carolina Journal may be reprinted provided the Locke Foundation receives prior notice and appropriate credit is given.
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