Views on commodities and energy
Gasoline beats economy, foreclosures as top consumer concern
About half of U.S. consumers (45%) say they’re more likely to change their spending habits due to high gasoline prices than they would for rising home energy costs (26%), rising food costs (24%), a slowdown in the economy (22%) or the mortgage and lending crisis (13%).
Most American drivers haven’t cut back on their driving yet though. Thirteen percent said they’ve already cut back, and another 50% said they’ll hit the brakes at $3.25 (a penny higher than the current record of $3.24 in May 2007)
During the last year, soaring gasoline prompted 19 percent to switch away from gas guzzler; another 19 percent said they just thought about it.
Higher gasoline prices have consumers literally pinching pennies, the survey said, with 38% willing to drive 5 minutes or more out of their way just to save 1 cent.
Will going out of the way pay off for thrify consumers? Most likely, they’ll be driving themselves into the red, losing about $1.40, says NACS.