Americans are rethinking their driving and spending habits as gas prices surge to record highs.
Not only have average gas prices reached records, the pace of the increase has been staggering, said Patrick De Haan, head of petroleum analysis at price tracker GasBuddy.
"It’s been astounding for motorists to wake up and see the station nearly 60 cents higher than just a week ago," Mr. De Haan said. "Some community stations are up 80 cents, even a dollar a gallon. It’s just astronomical." "It’s going to crimp household purchasing power dramatically," Ms. Bovino said. "People won’t feel wealthy enough to buy that expensive steak, so they’ll go for cheaper options."GET FOX BUSINESS ON THE GO BY CLICKING HERE
Mr. De Haan said the sticker shock at the pump may not put an immediate dent in fuel demand with more pandemic-weary Americans anxious to travel and get out. But with gas prices expected to continue rising amid the Russian offensive in Ukraine, the higher cost of fuel will soon begin to take its toll, he said.
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