"A $1 climb in the average cost of gasoline leads to the country's median-earning, two-driver households spending $70 more per month to fill up, per Brookings."
"In 2024, households in the lowest-earning income quintile who had access to a car spent 10.3% of all pre-tax income on gasoline, per Brookings."
"Spending to fill up as a share of income 'remains well off its historical highs,' a Bank of America analysis finds, though it cautions that prices are nonetheless 'stretching household budgets.'"
Democrats and allied groups are focusing on rising gas prices due to the Iran war as a key campaign theme. A Brookings Institution analysis indicates that Republican House members may be particularly vulnerable, as their constituents drive more miles on average. Gas prices have risen significantly, with U.S. regular gasoline averaging $4.23 per gallon. Low- and moderate-income families are disproportionately affected, spending a larger percentage of their income on gas. However, some analyses suggest that spending on gasoline as a share of income is not at historical highs, potentially mitigating political impacts for Republicans.
Read at Axios
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