Ninety Percent of Drivers Expecting Gas Prices to Rise Further
May 19, 2008
A new survey by automotive consumer advice site BuyingAdvice.com shows that ninety percent of motorists are expecting gas prices to continue rising in the upcoming year.
With prices already at record levels, 79 percent of those sampled for the poll stated that they already viewed gas prices as either “very high” or “astronomical” but the drivers see no end in sight.
Evidence that the sustained period of high gas prices is causing a change in buying habits was seen as 74 percent said that the current level of gas prices would impact their choice when it came to buying their next vehicle.
According to Department of Energy figures, the average retail price of a gallon of regular gas across the United States in the week ending 4/21/08 was just over $3.50, up 63 cents from a year ago.
Much of the price rise is being blamed on higher crude oil prices on world markets. According to the DOE, the price of crude oil makes up about 53 percent of the price drivers pay at the pump.
A recent Consumer Federation of America poll showed that while consumers are driving less because of the high prices, long commutes and lack of available mass transit limits their ability to change their driving patterns in response to the rising prices. However, the CFA did find that 42 percent of respondents said they intended that the next car they purchased would have an average mileage of over 30 miles to the gallon, compared to the current average of 24 mpg.
All 2,820 participants in the BuyingAdvice.com poll were drawn from among the over 50,000 new car buyers who request competitive online price quotes from the web site each month. All respondents stated they were within 30 days of purchasing a new vehicle.
This survey was the latest in a series of polls being conducted by BuyingAdvice.com which taken together provides one of the most up-to-date and comprehensive pictures of the car market today. BuyingAdvice.com is a consumer advice and Internet price quote site that features tips and advice for car buyers, new car reviews and the latest news and information from the automotive world.