Gas prices a concern for US households
One in three Americans say they’re extremely worried about the cost of gas.
Nearly 9 in 10 (87%) American adults say they are at least slightly concerned about the future price of gas in the United States, with 1 in 3 (30%) extremely concerned, according to Finder’s Consumer Confidence Index. The concern over gas prices is only slightly lower than those worried about the price of groceries (89%) and energy (88%) costs more broadly.
High gas prices can significantly impact household budgets, resulting in major stress for Americans. Gas prices have steadily increased over the past two years, and 2022 was particularly bad, with gas prices peaking at an average of $4.99 a gallon the week of June 16th.
It’s little wonder that 30% of those surveyed are extremely concerned about the cost of gas, representing the highest percentage of extreme worry among the future costs of other common expenses that include household bills, groceries, energy in general, health care and housing.
Concern levels not equal between sexes
Women (90%) are overall more stressed about future gas prices than are men (85%). In fact, women (35%) are more likely than men (25%), by a margin of 10 percentage points, to say they are extremely concerned about future gas prices.
Gen X worried about gas prices
Among generations, Gen X is most worried about the cost of gas, with 35% expressing extreme stress about future gas prices and a further 26% saying they are very concerned. At the other end of the spectrum is Gen Z, with less than a quarter (24%) saying they’re extremely stressed about the future price of gas.
Gas price concerns from sea to shining sea
While there are striking differences in stress levels between men and women and among generations, concerns about future gas prices are fairly uniform across regions of the US, with the most extreme concern levels in the West (33%).
As for the new year, gas prices in 2023 are not off to a good start. Gas costs an average of $3.29 a gallon in the US, up from the final week of 2022, where you would have paid $3.18 a gallon. This is about $0.39 more expensive than the national six-year average of $2.90 a gallon.
While gas prices are up week over week, they are down slightly when compared to the first week of January 2022, when gas cost an average of $3.31 a gallon.
The year 2022 was among the worst years for gas prices in recent memory, with gas prices spiking to an average of $4.99 a gallon in mid-June 2022.
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