Americans are feeling the pinch of higher gas prices and are not expecting relief anytime soon, according to the CNBC All-America Economic Survey.
The nationwide survey of 1,000 people found nearly 80% have changed their spending habits in response to pain at the pump. The poll was conducted from April 15 to 19 and has a margin of error of 3.1%.
More than 50% believe the increase in gas prices will last six months or longer. Pump prices have surged more than 30% to top $4 per gallon since the U.S. and Israel attacked Iran on Feb. 28, according to AAA.
About 60% of respondents have cut back on entertainment like eating out, movies and concerts to save money. More than 50% plan to travel less.
Around 40% are spending less on essential items like groceries and medical care. Some 30% are relying on their credit cards more.
President Donald Trump has largely dismissed voters’ concerns. Trump said last week that gas prices “are not very high.” He referred to rising oil prices in an interview with CNBC earlier this week as “peanuts.”
The president told CNBC he is surprised that prices are not much higher due to the war. “If you would have told me that oil is at 90 as opposed to 200 I would be frankly surprised,” he said.
Energy Secretary Chris Wright said Sunday that gas may not drop below $3 per gallon until next year.
