Study: Lower-income Americans are using less gas but being hit the hardest by the price spike
Summary
A recent study shows that lower-income Americans used less gas after the Iran war caused prices to rise, but they still had to spend more money on fuel. Higher-income Americans spent more on gas without cutting back much, while middle-income people were in the middle.Key Facts
- Lower-income Americans reduced their gas use sharply after the Iran war.
- Despite using less gas, lower-income households spent more due to higher prices.
- Higher-income households increased their gas spending with little reduction in use.
- Middle-income households showed a response between the lower- and higher-income groups.
- The differences in gas spending patterns between income groups were bigger than during the 2022 gas price spike after the Russia-Ukraine conflict.
- Four years ago, higher-income people cut back more on gas use than they did after the Iran war.
- Government stimulus programs in 2022 helped poorer households more than this time.
- Wealthier Americans have had increases in their stock and property values since 2022.
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