This Thursday, the gasoline price in the United States reached $4.55 per gallon, one of the highest levels since July 2022, according to data from the American Automotive Association (AAA).

Since the war in Iran began at the end of February, the average gasoline price has skyrocketed to more than 50%, mainly due to the closure of the Strait of Hormuz, through which nearly 20% of world crude oil passes.

And due to economic pressure, many low-income American households have begun to drastically reduce fuel consumption, which has added to high family expenses due to inflation.

New data from the Federal Reserve Bank of New York indicate that it's currently middle-class households that are in a point to intermediate, since, for some economists, the skyrocketing of prices only aggravates the trend of the so-called “K-shaped economy”.

The skyrocketing in US pumps is only worsening the economic gap between one class and another, the Fed report highlighted from New York. “We found that households had very different experiences in regards to spending on gasoline,” the researchers wrote.

In their or of fuel, which shows more accelerated growth in consumption in high income households compared to low income households.”

According to the report, households with incomes less than $40,000 spent 12% more on fuel and reduced their consumption by up to 7%, meaning many chose not to use their vehicles or share cars or used public transportation, while households with higher incomes up to $125,000 increased their spending on gasoline by 19%, but reduced their consumption by 1%, making few changes in their daily dynamics.

According to Fed data, higher-income households cut their consumption more during the Ukraine and Russia war that now; and on that date, many low income households resorted to state benefits to cover their expenses.