Low-Income US Cuts Gas Spending 52%

New York Fed report shows households earning under $40,000 cut March gasoline outlays as prices rose sharply.
Average gasoline price rose from under $3 to over $4 per gallon in March, $4.54, a 52% increase since the conflict began.
Wealthier households earning over $125,000 kept gasoline spending flat, creating a K-shaped consumption pattern similar to post‑Ukraine‑invasion trends.
Low-income families likely shifted to cheaper transport modes like carpooling or public transit as gasoline costs surged.