Earlier this month, a Biden administration spokesperson said he expects the average US gas price to come down to $4 a gallon.
Right now, median costs at the pump across the country are just above $5, hitting a record high. Although the slight decrease is good news, it’s too little too late for most drivers suffering from expensive commutes according to new survey findings gathered by Quicken, a personal finance software brand.
For example, two-thirds (66%) have cut back on driving and 30% of people who planned to purchase a car in 2022, but 60% have now decided not to.
Business Insider explained that WTI crude futures and Brent futures — the US and global oil benchmarks — soared in price in June as the impact of energy sanctions on Russia fanned worries about supply. Both fell below in price recently due to fears of a pending recession.
Looming fears of economic disaster is affecting more than how people are moving around. Others are also adjusting how they plan to live.
According to Quicken, 21% of survey participants planned to buy a first or new house earlier this year, but now 69% are thinking again.
Additionally, of those planning to move in the next 24 months, 37% plan to move to a less expensive location.
“In these uncertain financial times, having a clear picture of your finances is more important than ever,” said Quicken CEO, Eric Dunn in a statement. “This knowledge can help you understand your options for adjusting your spending so that you can stay on track to meet your long-term financial goals.”