Key takeaways: 

• According to Yardeni Research, U.S. households pay similar to $5,000 a year on gasoline.
• That is up from about $2,800 a year back and $3,800 as recently as March.
• Yardeni said consumers’ inflation-adjusted profits are barely growing, but they have a lot of savings and are charging more on credit cards.

According to Yardeni Research, U.S. households are now paying the equal to $5,000 a year on gasoline, up from $2,800 a year back.

In March, Yardeni stated that the yearly rate of gasoline spending was $3,800. On May 16, the company said the national retail cost for gasoline reached a record $4.59 per gallon.

“No surprise that the Consumer Sentiment Index is so low. The wonder is that retail sales have been so surprisingly firm during April and May,” Yardeni told in a note.

Yardeni said customers’ inflation-adjusted earnings are hardly rising, but they have earned a lot of savings and are charging more on credit cards.

But Yardeni told us we don’t bet against the U.S. customer: “When we are satisfied, we pay money. When we are depressed, we spend even more money!”

Retail sales data for April, released Tuesday, was surprisingly firm. On a year-over-year basis, retail sales increased 8.2% for the month.