Poll Shows Americans Are Hurting at the Pump
Posted on May 22nd, 2011
A new USA Today/Gallup Poll found that Americans are taking a big hit at the pump due to the major increase in gas prices. The poll found that more than 50 percent of Americans have had to make substantial adjustments to their daily finances to compensate for the costs.
Hike in Gas Costs Hindering Many Areas of Daily Life
The poll found nearly seven in 10 Americans feel the high cost of gas is causing financial hardship. For 21 percent of that group, the impact is so dramatic that they say their standard of living is jeopardized.
The impact of the high costs has forced consumers to make adjustments to their daily routine, including:
- Nearly 30 percent of those polled say they are driving less and consolidating trips.
- 15 percent say they have already switched to more fuel-efficient cars.
What’s unfortunate is that despite small improvements in the economy, many consumers don’t believe the prices will go down anytime soon:
- Fewer than one in 10 polled believe the prices have peaked for the year.
- More than 25 percent are bracing for prices to jump 75 cents or more.
- 54 percent believe the higher gas prices are here to stay.
With prices up 37 percent from May 2010–a leap of about $1.06–the cost of food, retail and more are affected. This means consumers are not only paying more at the pump, but in other areas of their lives.
What the Experts Are Saying about Gas Prices
Wall Street energy trader Dan Dicker, who was interviewed by USA Today, said it’s probable we have seen the peak in gas prices for awhile. He noted that prices could drift down to about $3.50 a gallon by October, but prices are expected to remain higher than last year in the long term.
His next prediction was a bit troubling, however. He stated that over the course of the next four years, prices for oil per barrel could land anywhere from $185 to $200. This translates to a gallon price of $6. Because the future increase in gas could be financially devastating, it doesn’t hurt to start planning for the adjustment now by doing the following:
- Keep up with car maintenance: By taking the car for regular maintenance visits (oil changes, tune ups, tire rotations), you will ensure your car is in optimum condition, which helps it burn less gas.
- Carpool: Begin carpooling with co-workers to share the cost of gas.
- Take alternate transportation: Take public transportation or even ride a bike to work to eliminate the cost of gas altogether.
The more steps you take to save money on gas, the easier the increasing costs will be on your wallet. So take time to explore options that will ensure rising gas prices won’t break your bank.
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- Inflation Could Inch Upward as Unemployment Decreases
- The Return of $4 Per Gallon Gas
Tags: Pump
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