High gas prices haven't stopped N.C. drivers from hitting the road
Surging gas prices didn’t stop North Carolina drivers in May.
- Data from the N.C. Department of Transportation shows there were 11.2 billion miles driven in the state in May, up nearly 7% from the month prior and 5.2% year-over-year.
Why it matters: North Carolina drivers are hitting the roads even more during a time when gas prices are skyrocketing.
- Gas prices have skyrocketed in 2022. The average price for a gallon of gas in North Carolina was $4.59 on Wednesday, up 59.9% from a year ago, according to AAA.
Yes, but: The state is no anomaly. Nationally, the high gas prices have yet to dent consumption, according to an analysis from the Dallas Fed.
- "U.S. consumers historically only slowly reduce fuel consumption as prices increase. This is primarily because most consumers must drive to work, school, grocery stores and other destinations every day," Dallas Fed economist Garrett Golding wrote in the report.
Between the lines: Higher gas prices are hurting people with lower incomes. The lowest 25% of earners in the U.S. must spend an average 9% of their wages on filling up compared to 4% a little more than a year ago, Golding wrote.
- The Food Bank of Central & Eastern North Carolina told Axios earlier this year that higher gas and food prices have created more demand for its services, as budgets get stretched.
Go deeper: 5 top ways to save on high gas prices
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