Lower-income Americans hit hardest by gas price spike, widening inequalities, study finds

AI Summary

A recent study reveals that lower-income Americans have been disproportionately affected by rising gas prices, particularly following the Iran war. This has led to increased economic disparities, as higher-income households have been able to maintain their consumption levels.

Lower-income Americans sharply reduced their gas consumption in the month following the Iran war, yet spiking prices still forced them to spend more at the pump, worsening the economy’s economic disparities, new research released Wednesday showed. Higher-income households, meanwhile, ratcheted up their spending on gas while barely reducing their consumption, according to a report from ...