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Why high gas prices fall harder on lower earners

Greg Iacurci writes in CNBC on why high gas prices hurt low-income families.

The C3 Take
  • High energy costs disproportionately harm low and middle-income families.
  • For households earning $15,000 or less, spending on gasoline comprises 3.4% of total annual spending.
  • High income households (those earning $200,000 or more) spend only 2% of their budget on gas.
  • While gas prices are global in nature, reducing regulations domestically could increase production and lower costs.

“[L]ow earners funnel a bigger share of their budgets to transportation costs and other staples, like food and energy, relative to wealthier households.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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