Wednesday, May 8, 2024
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MoneyWatch: High gas prices cause Americans to cut back on spending

National average gas prices reached a new record high on Memorial Day at over $4.61 per gallon. In order to budget for higher prices at the pump, many Americans are cutting back on other spending. Bank of America Institute’s senior economist David Tinsley explains the relationship between gas prices and consumer spending and which groups are making the biggest cutbacks. ... Read More »