The bottom line
With the arrival of the summer driving season this Memorial Day weekend, a Gallup poll reveals how high gasoline prices – up about 75 cents a gallon from a year ago – are affecting consumer spending:
57: Percentage of consumers saying they have cut back on their use of air conditioning and/or eating out; 52 percent say they have reduced plans for travel spending.
63: Percentage of consumers feeling the need to cut back on discretionary spending because of rising energy costs.
75: Percentage of consumers who consider the increase in gasoline prices to be “more of a permanent change than a temporary fluctuation in prices.”