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Many Americans are driving less, cutting back on shopping trips and even cutting back on dining out because of high gas prices, according to a new report.
In a survey of more than 1,000 adults, more than half, 64 percent, said they have altered their driving or lifestyle habits since March to compensate for the pain at the pump.
Eighty-eight percent of those motorists have been driving less, while 74 percent have been combining errands and 56 percent have cut back on shopping trips or dining out, according to AAA data. Volatility in gas prices has also forced 29% of motorists to postpone their holidays.
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Additionally, a recent Fox News poll showed that more than half of voters surveyed said they had changed their summer travel plans because of gas prices.
The national average retail price for regular gasoline fell 17 cents from a week ago to $4.32 as of Tuesday, down 69 cents from a record high of $5.01 a gallon on June 14. according to AAA data.
A customer pumping gas at a station in Connecticut. (FOX Business/Daniella Genovese)
For the past 42 consecutive days, prices have been in a steady decline driven by a drop in domestic demand for gasoline and weaker crude oil prices. Still, Tuesday’s national average is $1.17 higher than a year ago, according to AAA.
“Crude oil prices fell last week as the market remains concerned that weak demand, which was expected to remain robust throughout the summer, could continue to drag prices down,” said Monday AAA spokesman Andrew Gross.
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If crude oil prices stay below $100 a barrel, demand remains flat, and if there’s a mild hurricane season, prices are likely to continue to fall, Gross told FOX Business. Oil accounts for nearly 60% of what a person pays at the pump, according to the EIA.
Schork Group director Stephen Schork told FOX Business that even with this cooling, prices are still 40% higher than the average of the past 46 summers when adjusted for inflation, meaning that consumers will continue to change their driving habits.
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Specifically, Schork projects that demand for gasoline will continue to decline as cash-strapped consumers prioritize spending on food, as prices rose 10% year-over-year in June and “keeping the lights on.”