Oil, gas and mining

High gas prices cause Americans to cut back on spending



National average gas prices reached a new record high on Memorial Day at over $4.61 per gallon. In order to budget for higher prices at the pump, many Americans are cutting back on other spending. Bank of America Institute’s senior economist David Tinsley explains the relationship between gas prices and consumer spending and which groups are making the biggest cutbacks.

#News #GasPrices #ConsumerSpending

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24 Comments

  3. Jeff

    It's time to park the car and take public transit. Electric light rail is a great alternative. California has great light rail systems. Boycott gasoline and diesel fuel. Thumb your nose at gas stations. Laugh when you drive by them and your car at a light rail station.. Laugh when you're on a light rail car speeding down the median of a freeway while looking at the foolish people stuck in traffic jams, not only wasting money, but their time. Buy electric vehicles. Big Oil is making billions of dollars gouging the public. Fight back. Stop blaming Biden. Put the blame where it belongs, with Big Oil !!

    https://www.youtube.com/watch?v=ew_q8vTUVNI&t=2551s

  6. Jess Barnett

    I guess I’ll be driving with my windows down in my car in the city then. Sheesh. I get pretty good gas mileage in the city, around 29 mpg and 40 on the highway. The problem is, I would get a hybrid for sure but the Prius needs to be redesigned and tone it down on the ugliness scale.

  13. Solar Flare

    This is nothing less but the globalist Agenda 21-30 ;everything "energy prices", "plandemics" , of all kinds CO2 on the raise BS, and "mass shootings" play right in the hands of the globalist agenda…In the meantime half of the planet untouched by this crazies live in a real universe. The idiots who buy into these scams are not in short supply…

  15. Nik Garcia

    Thank Biden & Democrats for cutting Crude Oil Production that is causing Record High Gas & Diesel Prices that's fueling Inflation. We need to bring back Trump era Crude Oil Production so Inflation & gas prices go down, NOW

  18. Norcal Jim

    People in the countryside up here can't afford to drive to the city for food anymore. They can't continue the commute to work. Everything is up. Neighbors are getting chickens and growing some vegetables. Better get horses and wagons.

  21. RaesAnimes

    I think we should bring back trains as a main means of transportation or for shipping. I looked it up and it uses much less gas and also carbon emissions. I know that it would take a lot of repairs and money to bring back a lot of the old railroads, but if gas is going to be hard to source what else can we do? Plus if we can learn to make the trains reliable, efficient and safe for people then it would save everyone money. I mean, over a hundred years ago that lifestyle was normal and accepted. So why not bring it back? I am sure with the advanced technology we have now, we could be able to make the fuel or coal stretch further than it did in the past.

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