Fact #528: July 21, 2008
Survey Shows Most Americans Expect Gas Prices to Reach $5 This Year
In a June 2008 survey of 1,035 adults, conducted by CNN, 86% of those surveyed expect the price of gasoline to top $5 dollars per gallon sometime this year. In response to the rising gas prices, nearly three quarters of those surveyed said they were considering a more fuel efficient car. Two thirds of those surveyed claim to have already cut back on driving and over half of those surveyed report that they have cut back significantly on household spending to counter rising gas prices.
|Responses||Percent of Respondents|
|Cutting back significantly on household spending||55|
|Cutting back on driving||66|
|Considering a more fuel efficient car||71|
|Believe the price of gasoline will top $5 a gallon sometime this year||86|
Source: Survey conducted by CNN/Opinion Research Corporation, June 4-5, 2008, N=1,035.