Pay at the Pump
HYANNIS – With oil prices rising, AAA says that $4 per gallon for gas is the tipping point for most Americans before they start making lifestyle changes.
A new survey says that about two-thirds of Americans feel that gas prices were too expensive even a few weeks ago at $3.53, before the recent all time highs of over $4 on average nationwide.
The majority—80 percent— of Americans who said they would make life changes in response to the rising prices said they would drive less, though there are some differences depending on age group.
Eighteen to 34 year-olds are almost three times as likely to consider carpooling compared to those 35 and older, while those 35 and older are more likely to favor combining trips and errands and reduce shopping or dining out.
Despite the rise, AAA said that summer travel likely won’t see much of an impact. The survey found that 52 percent of Americans have plans to take a vacation this summer, of which 42 percent said they would not consider changing their plans regardless of the current gas prices.
AAA attributed the sudden spike in oil prices to Russia’s invasion of Ukraine which has led to numerous sanctions and bans on Russian oil.
AAA said that the ban was another strain on oil prices that were already seeing a steady climb since the new year.
They added that consumers likely won’t see prices go down anytime soon as the conflict in Ukraine continues.
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