Survey Finds Americans
Think Gas Will Reach $5.50 Per Gallon
By
Scott Siegel
http://www.beatthegaspump.com
A study by the Boston Consulting group has found that 48
percent of those surveyed believed that it is possible for
gas prices to hit $5.50 a gallon at some point. In the July
telephone survey of more than 1,000 people They also found
that 76 percent of Americans believe gas prices will rise
for the remainder of the year.
The survey also stated that 50 percent of respondents have
scaled back spending due to high gas prices. Michael
Silverstein, senior vice president with Boston Consulting
Group, said that gas at $5.50 a gallon will "cause
households with income below $50,000 extreme pain and they
will be forced to significantly cut discretionary
purchases."
Gasoline has become a greater portion of household spending
over the years. In 2005, fuel costs averaged about $2,400 of
household expenses, compared with $2,000 in 2004. 2006 could
end up being 20 to 30 percent higher than 2005. That means
that the average spending per household could be over 3000
dollars per year. If the price does indeed go up to $5.50
then average spending per household could approach levels as
high as $6000 per household per year.
But even as dire predictions for escalating energy prices
loom on the horizon, consumers appear to have adjusted to
the increase in fuel costs. That does not mean that they
have not been affected by the increase, it means that they
have made adjustments to their overall lifestyle to minimize
the effects of the increase dollars required by their gas
needs.
Overall "We've seen tremendous increases in gas prices but
the economy has absorbed it all," said Dana Johnson, chief
economist with Comerica Bank. "If prices approach $4 a
gallon a year from now it will strain the economy, but I
don't think it will have a dramatic effect."
Even though it may not strain the overall economy it will
certainly strain each household. It will take considerable
adjustments in each household to maintain the same standard
of living. You will need to be even more frugal when it
comes to gas. You will need to find every cost cutting and
fuel saving method you can.
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Scott
Siegel is the author of "Beat The Gas Pump!"
Learn
more about saving money and gas at the pump. Over 130 ways to
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If you want to take your money out
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