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Gas prices surged past $4, and Americans are driving less ... - Fortune
The war in Iran has done what once seemed impossible: forced Americans to rethink the idea of driving everywhere. The conflict in the Middle East itself might be teetering on a tentative ceasefire, but higher gasoline prices are likely here to stay. The average price for a gallon of regular gasoline on Friday was $4.54, according to AAA, up from around $3 before the war, and the most expensive gas has been since the Ukraine War’s early days in mid-2022. Americans are responding to higher gasoline prices the only way they realistically can: by changing behavior and trimming budgets. In some cases, they are quietly giving up on the idea that this summer will look anything like the last one, according to a poll released last week by Ipsos, the Washington Post, and ABC News. The poll surveyed more than 2,500 American adults at the end of April, asking how many had taken specific actions due to higher gasoline prices. It found 44% of adults say they have cut back on driving, 34% have tweaked their travel or vacation plans, and 42% have cut other household expenses in order to afford their gas. While the rise in U.S. gasoline prices might still pale in comparison to the marginal increases drivers in Europe and Asia are paying for, expensive gas in the U.S. hits particularly hard. Americans, on average, drive more than 13,000 miles a year, and a vast majority rely on their vehicle to get to work, as well as accomplish many other chores. With fewer public transportation alternatives than in other developed nations, many Americans are stuck with either paying more at the pump or figuring out ways to drive less. Getting creative with transport Some drivers are trying to combine multiple chores into one trip, or cut back on driving that isn’t work-related altogether. One April poll from car shopping platform AmericanMuscle found 12% of Americans are working remotely more often to save on gas costs, with a small number also saying they are looking for a new job closer to where they live. Some frugal operators are even trying to game their local fill-up station’s rewards program in their bid to save. Where available, people are taking to public transportation, with commuter lines like Amtrak and Florida’s Brightline recently reporting rising ridership compared to a year ago. And if trains and buses aren’t an option, fear not. Veo, an e-bike provider, reported in March 68% of its riders had opted for an electric scooter or bike trip instead of driving themselves ...
Tariff refunds and April retail sales
In April, the agency opened a portal to process reimbursement requests from importers. In data releases: Retail sales numbers for April are dropping on Thursday, and economists are expecting the data to show continued resilience on the part of US consumers.
Consumer spending is healthy, but gas prices remain a risk
Consumer spending is healthy, but gas prices remain a risk Higher-income shoppers have kept retail sales healthy, but the economic impact of the war in Iran presents an unknown, according to ...
US Retail Sales Moderated in April as Gas Surge Crimped Budgets
US retail sales rose at a slower pace in April, suggesting high gasoline prices prompted some consumers to temper their spending at other merchants.
