WASHINGTON, D.C. — Two-thirds of Americans surveyed in a June 1-15 Gallup poll say the cost of fuel has caused financial hardship for their household, similar to the level recorded when gas prices were similarly high in 2022 and at other times over the past two decades when gas prices were elevated — especially 2005, 2008 and 2011.
Although most people are feeling the pinch from high fuel prices, 17% of those experiencing financial hardship because of high gas prices call it “severe.” That is slightly lower than the 22% found four years ago.
Gallup’s trended data suggest that Americans are especially sensitive to average pump prices reaching new levels — often widely reported in the news. Each time a new threshold has been crossed for a sustained period, the share of Americans reporting financial hardship has risen sharply. This includes when prices went above $2 per gallon in 2005, above $3.50 in 2008, above $3.75 in 2011 and above $4 in 2022.
After starting the year below $3.00, the average national price for a gallon of regular gasoline surged in March, the first full month of the Iran war, and was $3.99 by month’s end. As the conflict continued, disrupting the global flow of oil out of the region, the average price climbed to $4.12 in April and to roughly $4.50 for much of May. It eased to $4.31 at the start of June as oil markets responded to signals that a ceasefire could be reached and was $4.05 the week of June 8.
Against this backdrop, 57% of Americans in the latest poll report that the price of gas has caused them to drive less than they might have otherwise, and 46% say it has caused them to alter their summer vacation plans. These rates are slightly lower than in 2022, when 62% were driving less and 55% were altering vacation plans as gas prices approached $5.
One in Four Lower-Income Americans Report Severe Gas-Price Hardship
Majorities of adults across income groups report that gas prices are causing their household at least some hardship, but the rate calling it severe is sharply higher among lower-income than middle- or upper-income households.
- About three-quarters of adults earning less than $50,000 a year (77%) say gas prices have caused them hardship, including 28% calling it severe.
- Fewer middle-income adults, 65%, report some hardship, while the percentage calling it severe drops to 13%.
- Among adults earning $100,000 or more, 59% report hardship, including 8% severe.
Similarly, 73% of lower-income adults, compared with about half of middle-income (50%) and upper-income (53%) adults, say the price of gas has caused them to drive less. There is less difference in gas prices affecting summer vacation plans by household income group, with 53% of lower-income adults versus 42% of middle- and upper-income adults saying they have altered their plans.
Economic Confidence Stabilizes After Spring Decline
After worsening sharply between February and May amid rising energy prices and inflation, Americans’ views of the U.S. economy have improved slightly in June.
The percentage rating current economic conditions as “poor” has edged down from 49% in May to 45% this month, while the percentage saying conditions are “getting worse” has dipped from 76% to 72%.
As a result, the Gallup Economic Confidence Index — derived from Americans’ net-positive ratings of current conditions and the economy’s outlook — has increased from -45 in May to -38 in June. This remains well below the -20 readings earlier this year before gas prices rose, but it’s nowhere near the -58 recorded in June 2022 as both gas prices and inflation more broadly were high.
Meanwhile, the percentage of Americans citing some aspect of the economy as the nation’s top problem holds steady at 36% this month, with most of the responses continuing to be focused on inflation or the high cost of living (14%), fuel prices specifically (4%), or the economy in general (13%). Far more Americans, 73%, continue to cite a non-economic problem, with the government/poor leadership dominant at 26%, followed by immigration at 9%.
Bottom Line
The surge in gasoline prices accompanying the Iran conflict is clearly being felt by Americans. Two-thirds report that gas prices are causing hardship for their household, the majority say they are driving less as a result, and close to half are changing travel plans.
At the same time, the broader economic effects of rising energy costs may be leveling off. Economic confidence has improved slightly in June after a sharp decline the past few months, and concern about economic issues has not risen further. Whether this stabilization lasts will likely depend on whether gasoline prices continue to ease from recent highs, which in turn may hinge on the administration’s success in negotiating an end to the conflict.
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