Elevated gasoline prices are squeezing U.S. citizens, making life financially harder and forcing them to cut back on spending, according to a new Gallup poll.
Among the respondents, 67 percent said that recent gas price increases were causing them hardship, which is the highest level since May 2011. This is up from 52 percent in April 2022, according to survey results published on June 28.
While most Americans said they were facing “moderate” hardship rather than “severe,” the percentage of those facing “severe” hardship rose to 22 percent from 14 percent.
Among households earning below $40,000 annually, eight in 10 said gas prices were causing them financial hardship, with 40 percent saying it has been severe. In households making between $40,000 and $99,999 per year, 73 percent were facing financial hardship, with 20 percent feeling it as severe. About 50 percent of households making over $100,000 experienced hardship due to high gas prices, with 12 percent describing it as severe….