The Impact of Rising Gas Prices on Consumers and the Economy

Gas prices in the US are on the rise again, with the national average standing at $3.83 per gallon. This could have significant implications for consumer spending and sentiment, especially as the back-to-school shopping season approaches. Higher gas prices, along with other factors such as a slowdown in the job market, rising mortgage rates, and higher grocery costs, could impact consumers' disposable income and change their shopping habits. Additionally, diminishing savings accumulated during the pandemic may further limit consumers' ability to cope with higher gas prices. However, experts suggest that the worst may be behind us in terms of pump prices, barring any major shocks to oil prices.