Elevated gasoline prices are squeezing U.S. citizens, making life financially harder and forcing them to cut back on spending, according to a new Gallup poll.
Among the respondents, 67 percent said recent gas price increases were causing them hardship, which is the highest level since May 2011. This is up from 52 percent in April, according to survey results published on June 28.
While most Americans said they were facing “moderate” hardship rather than “severe,” the percentage of those facing “severe” hardship rose from 14 percent to 22 percent.
Among households earning below $40,000 annually, eight in 10 said gas prices were causing them financial hardship, with 40 percent saying it’s been severe. In households making between $40,000 and $99,999 per year, 73 percent were facing financial hardship, with 20 percent describing it as severe. About 50 percent of households making more than $100,000 experienced hardship due to high gas prices, with 12 percent describing it as severe.
Americans are changing their spending habits because of rising gasoline prices. When it comes to vacation plans, 55 percent of respondents have been forced to alter them, up from 46 percent in May. More than six in 10 Americans have been driving less this summer than they would have.
At the beginning of 2021, Americans were paying slightly more than $2 per gallon of gas. As of June 29, the average nationwide price of regular gas was $4.868 per gallon, according to data from AAA. Among the 50 states, 12 had prices exceeding $5 per gallon, with California registering the highest, at $6.299.
Tax Holiday
To tackle high gasoline prices, the Biden administration has proposed a “tax holiday.” At present, the federal government taxes 18 percent on a gallon of gasoline and 24 percent on a gallon of diesel. Biden has asked Congress to suspend these taxes for a three-month period, until the end of September.
However, the idea has been met with strong opposition, with many claiming it would have minimal to no effect on easing the burden on citizens. While Republicans such as Sen. Josh Hawley (R-Mo.) have criticized the tax holiday, Democratic Sens. Joe Manchin (D-W.Va.) and Tom Carper (D-Del.) are also skeptical about the plan.
“A gas tax holiday is a poor, short-term, pandering non-solution to the very real energy supply problems in the US and the world,” Chris Wright, the CEO of Liberty Oilfield Services, told The Epoch Times in a June 23 email.
“We are short supply. Any real solution would be supply enabling, like getting the government out of the way of domestic production. We don’t need subsidies or ‘help,’ we simply need roadblocks removed.”
Under the Biden administration, oil lease sales in Alaska and the Gulf of Mexico have been canceled, and the $9 billion Keystone XL Pipeline has been shut down.
Nathan Worcester contributed to this report.
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Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
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