The shorts might be in…
JP Morgan is betting big…
More than half of all Americans have found the price of gasoline a “very serious problem” or “somewhat serious problem” according to new polling data.
A new Quinnipiac poll showed that 37% of Americans had found gasoline prices to be a very serious problem. Another 27% had found it to be a somewhat serious problem. Only 14% of Americans find gasoline prices no problem at all, while 25% feel it is not too serious of a problem.
But it isn’t just people’s pocketbooks dictating just how serious of a problem it is—the polling showed serious divisions along party lines.
Of those that feel gasoline prices are either a very serious or somewhat serious problem for them and their families, 85% were Republicans, 68% were Independents, and 38% were Democrats.
The poll also revealed that 45% of Americans said they had cut back—significantly—on household spending due to the high gasoline prices. Forty-six percent also said they had cut back on how much they drive.
The driving cutback data that the poll revealed could shed light on what some analysts say is coming: gasoline—and therefore crude oil—demand destruction.
The IEA on Wednesday revised down its oil demand growth forecast by an average of 950,000 bpd this year, while Russia’s invasion of Ukraine is likely to cause further price spikes as Russia’s crude oil fails to find buyers—to the tune of millions of barrels each day, globally.
The Quinnipiac poll surveyed 1,936 U.S. adults nationwide from March 10 to March 14.
The national average price for a gallon of gasoline was $4.305 on Wednesday, according to AAA data.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
So you have to pay a couple dollars more for Gas?
I am reassured to see that our country has less of a divide when it comes to support for Ukraine and condemnation of Putin. While if feel for those who are more impacted by high fuel prices, I hope that the realization that we are at war helps a little. We have know for a long time about price volatility when it comes to fossil fuel. Fuel supply disruptions and shortages are a reality.
Share a ride. Skip the low priority trip to the store. Turn the heat way down when you are not there. Can you imagine what Europeans are having to do right now? Yankee ingenuity needed.