According to a new report, many Americans drive less, reducing the number of shopping trips they take and even cutting back on meals out due to high gasoline prices.
In a survey of more than 1,000 adults, more than half – 64% – said they have changed their driving or lifestyle habits since March to compensate for pump pain.
88% of these drivers drove less, while 74% combined commissions and 56% cut back on shopping trips or dining out, according to AAA data. Volatility in gas prices also forced 29% of motorists to postpone their holidays.
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Additionally, a recent Fox News poll showed that more than half of the polled voters said they changed their summer travel plans due to gas prices.
The national average retail price of regular gasoline fell 17 cents from a week ago and stood at $ 4.32 as of Tuesday, down 69 cents from a record high of $ 5.01 per gallon on the 14th. June, according to AAA data.
A customer pumping gas at a station in Connecticut. (FOX Business / Daniella Genovese)
Over the past 42 consecutive days, prices have been steadily declining driven by a decline in domestic gasoline demand and weaker crude oil prices. However, Tuesday’s national average is $ 1.17 more than a year ago, according to AAA.
“Crude oil prices fell last week as the market continues to fear that weak demand, which is expected to remain robust throughout the summer, may continue to push prices lower,” AAA spokesman Andrew Gross said Monday. .
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If crude oil prices stay below $ 100 a barrel, demand remains flat and if there is a mild hurricane season, prices are likely to continue easing, Gross told FOX Business. Oil accounts for nearly 60% of what a person pays at the pump, according to the EIA.
Schork Group Director Stephen Schork told FOX Business that even with this cooling, prices are still 40% above the average of the past 46 summers when adjusted for inflation, meaning consumers will continue to change their driving habits.
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Notably, Schork predicts gasoline demand will continue to decline as cash-strapped consumers prioritize spending on food as prices rose 10% year-over-year in June and “keeping the lights on.”