Rising gasoline prices are further polarizing the US economy.

Gasoline prices in the U.S. are rising sharply due to conflict in the Middle East, with the national average reaching $4.53 per gallon (1 gallon = 3.78 liters) on May 6, according to the American Automobile Association (AAA).

Refueling a vehicle at a gas station in California, USA. Photo: THX/VNA

Economists at the Federal Reserve Bank of New York believe this clearly reflects the "K-shaped economy" model, where energy prices have a significantly different impact on different income groups.

Low-income households are heavily impacted because energy costs account for a large proportion of their budgets, forcing them to cut back on consumption. Conversely, high-income groups have largely maintained their gasoline consumption habits, leading to a sharp increase in nominal spending. Bank of America warns that this situation could reduce the real purchasing power of low-income groups, while also increasing the risk of credit card and auto loan debt, impacting their long-term access to credit.

Information from the research firm Liberty Street Economics also shows that in March 2026, nominal spending on gasoline surged, but real consumption decreased, clearly demonstrating the "K-shaped" pattern. A similar pattern appeared during the 2022 energy crisis when energy prices rose following the Russia-Ukraine conflict.

From another perspective, Kevin Hassett, Director of the US National Economic Council, argues that consumers remain strong in most areas, with credit card spending soaring, despite rising gas prices and other costs. Personal Consumption Expenditure (PCE) data for March 2026 showed overall consumer prices rising 0.7% compared to the previous month, while core PCE – excluding food and energy – increased 0.3%. Compared to the same period last year, overall consumer prices rose 3.5% and core PCE rose 3.2%, as predicted.

Source: https://baotintuc.vn/kinh-te/gia-xang-tang-cao-cang-phan-hoa-nen-kinh-te-my-20260507160431795.htm