Study: The High Cost of Gasoline
How many times have you personally made the choice to not go on a trip or made dinner plans around how much gas you are going to spend in the process. You have probably heard this and said it your self to people at work and on the street: “Gas prices are ridiculous.” More and more people are having to give something up in order to be able to afford to drive.
A recent study revealed that 36% of people are now having to give something else up in order to just make it to work and back. Here is a breakdown of the lifestyle changes people are making:
- Dine out less often – 70 percent
- Spend less money on entertainment (going out to the movies, attractions, concerts, etc…) – 64 percent
- Postpone seasonal clothes shopping – 37 percent
- Cancel paid online or other subscriptions (Netflix, Hulu Plus, etc…) – 22 percent
- Cancel cable, satellite or other TV service – 15 percent
- Reduce cell phone usage – 12 percent
- Cancel internet service – 5 percent
- Other – 16 percent
“For many Americans who are just getting back on their feet, rising gas prices can be a tough financial hurdle,” said Jackie Warrick at CouponCabin.com, the company conducting the survey. “In addition to making basic lifestyle choices to afford gasoline, 75 percent of adults are making changes to their driving habits to lessen the blow to their wallet.”
Of the Three out of four of those surveyed that plan to make changes to their driving habits, 61 percent plan to drive less over all, 9 percent plan to carpool, 8% will ride the bus and 6% plan on buying a hyrid/energy efficient vehicle.
About one -in-four people have stated that they will take on credit card debt just to pay for gas in the coming months
The high price of gasoline is going to continue to hurt U.S. recovery. If you are giving all of your money to the oil companies, that leaves little to spend on products and services offered here in America.