U.S. Department of Energy - Energy Efficiency and Renewable Energy

Vehicle Technologies Office

Fact #458: February 26, 2007
Gasoline Price Expectations

In September of 2005 when the average retail price of gasoline was $2.93/gallon, less than half of survey respondents expected the price of gasoline to go up in the next few months. However, in May 2006, with the price of gasoline at $2.99/gallon, 76% of respondents expected higher prices.

Question: In the next few months, do you expect the price of gasoline will go up, stay the same, or go down?
Graph showing response to survey asking consumers in September 2005 and May 2006 if they believed the price of gasoline would increase in the next few months. For more detailed information, see the table below.

Supporting Information

In the next few months, do you expect the price of gasoline will go up, stay the same, or go down?
  Go Up Stay the Same Go Down Unsure
Aug 29-31, 2005 78% 6% 12% 4%
Sept 9-13, 2005 43% 29% 25% 3%
Oct 3-5, 2005 61% 21% 15% 3%
May 4-8, 2006 76% 12% 10% 2%

Source: CBS News/New York Times Poll conducted May 4-8, 2006, N=1,241 and previous surveys for which the same question was asked.

Average Retail Gasoline Price (Unleaded Regular)
  Dollars per Gallon
Aug 2005 2.51
Sept 2005 2.93
Oct 2005 2.79
May 2006 2.99

Source: Energy Information Administration, Monthly Energy Review, January 2007, Table 9.4.

 

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