Energy

Why high gas prices fall harder on lower earners

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High gasoline prices are impacting all American drivers — but low-income households bear the brunt of it.

That’s because low earners funnel a bigger share of their budgets to transportation costs and other staples, like food and energy, relative to wealthier households.

U.S. gas prices had jumped to $4.32 a gallon, on average, as of March 14, up more than $1 a gallon from the beginning of 2022, according to the U.S. Energy Information Administration.

The war in Ukraine has led already high oil prices to spike, trickling down to consumers at the pump, though prices have fallen a bit from recent highs.

“You’re seeing a lot of poor people — especially the rural poor driving a lot —…



Source cnbc.com

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