FILE-A customer pumps gasoline into his car at an Arco gas station in Mill Valley, California. (Photo by Justin Sullivan/Getty Images)
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Most Americans think the cost of gas has caused financial struggles for their home, based on data in a recent Gallup survey.
Findings for Gallup’s poll are based on telephone interviews performed by ReconMR from June 1-15, with a random sample of 1,001 adults, 18 years old and older, living in U.S. states and Washington, D.C.
Over half of Americans believe gas prices resulting economic struggles
Dig deeper:
Approximately 60% of Americans admit that high gas prices have placed a financial strain on their household.
While many individuals are feeling the effects of soaring fuel prices, 17% of those experiencing financial hardship because of high gas prices call it “severe.”
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Some lower-income Americans experience gas price hardship
By the numbers:
According to Gallup, most people across different income brackets report that gas prices are causing their household some hardship, but the number of respondents referring to it as severe is higher among lower-income than middle or upper-income households.
The survey reveals that 77% of Americans earning less than $50,000 a year admit that gas prices have caused them hardship, including 28% calling it severe.
Meanwhile, fewer middle-income adults, 65%, said they felt some hardship, while only 13% call it severe.
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But 59% of Americans making $100,000 or more annually say gas prices are an economic hardship, compared to 8% who think it’s severe.
And 73% of lower-income Americans, compared with 50% of middle-income and 53% of upper-income adults, believe that gas prices have resulted in them driving less.
Separately, Gallup found that there is less difference in gas prices impacting summer travel plans by household income group, with 53% of lower-income Americans compared to 42% of middle and upper-income adults admitting they have adjusted their vacation plans.
Americans’ economic confidence in gas prices stabilizes after spring drop
Big picture view:
Despite rising energy costs and inflation, Americans’ views of the nation’s economy have improved slightly in June.
Gallup noted that the number of respondents rating current economic conditions as “poor” has dropped from 49% in May to 45% in June, compared to the number of people admitting that conditions are “getting worse” declined from 76% to 72%.
About 36% of Americans cite some portion of the economy as the country’s major problem, with most of the responses continuing to revolve around inflation or the excessive cost of living (14%), fuel prices (4%), or the economy overall (13%).
Approximately 73% of respondents continue to reference a non-economic problem with the government/poor leadership at 26%, followed by immigration at 9%.
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