Spiking gas prices in the month following the Iran war disproportionately impacted lower-income Americans, forcing them to spend more at the pump despite sharply reducing their consumption, new research has revealed. This trend has exacerbated existing economic disparities across the nation.
In stark contrast, higher-income households increased their spending on fuel while barely curbing their usage, according to a report from the Federal Reserve Bank of New York. Middle-income households, meanwhile, exhibited behavior falling between these two extremes.
