Record-setting gas and energy prices are taking a big toll on consumer discretionary spending.

A February ChangeWave survey asked consumers about the affect of energy prices on their spending plans. The results weren't pretty, with three-in-five (59%) saying their discretionary spending will be lower due to increased energy costs.

That's 11-pts higher than when we asked this very same question last summer.

The suffocating grip of rising energy costs is stifling consumer spending in other areas - including electronics and restaurants.

Gas prices have just hit a new all time average high of $3.28 per gallon. Once the special tax rebates arrive consumers may fill up their tanks to go shopping, but will they have any money left to buy things with when they get there?