Gas Prices Are Becoming a Major Concern for US Consumers

According to the University of Michigan’s Survey of Consumers, roughly 40% of respondents spontaneously mentioned gasoline as an economic factor in June—the highest reading in at least two years. That share fell to around 31% in July , but remained well above the pre-Iran War level of roughly 10% .
Concern about AI’s economic impact has risen more gradually, reaching 11% in July from about 1% in January 2025 . AI has now been mentioned by at least 10% of consumers for three consecutive months .
Meanwhile, the share citing high prices as a strain on personal finances declined from 56% in June to 50% in July , but cost-of-living pressures remain one of the biggest forces shaping consumer sentiment.