Low‑Income US Cut Gas Spending, Prices Surge

Federal Reserve Bank of New York report finds low‑income U.S. households (<$40k) cut March gasoline spending as prices surged.
Regular‑gas price rose from under $3 to over $4 per gallon in March, later $4.54, a 52% increase since the Iran conflict.
Upper‑income households (>$125k) kept gasoline spending flat or higher, creating a K‑shaped consumption pattern similar to post‑Ukraine‑2022 but larger.