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$5 gas near, 78% of Americans say

Discussion in 'The Atrium' started by Heatherthepackgirl, May 5, 2008.

  1. Heatherthepackgirl

    Heatherthepackgirl Cheesehead

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    A vast majority of consumers expect to shell out $4 and even $5 a gallon this year, according to a recent poll.
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    By David Goldman, CNNMoney.com staff writer
    Last Updated: May 5, 2008: 1:11 PM EDT

    gas_pump_rain.ce.03.jpg
    Americans expect to pay $4 and even $5 a gallon for gas this year according to a new poll released Monday.
    More CNN polls

    * It's still the economy, stupid

    * Americans on economy: This hurts

    Special Reportfull coverage
    GAS CRUNCH
    $5 gas near, 78% of Americans say
    Oil breaks through $120 wall
    Gas price break may not last
    U.S. gas: So cheap it hurts
    Issue #1

    * $5 gas near, 78% of Americans say
    * School kids feel the bite of high food prices
    * Gas price break may not last
    * Bush: Economy 'not as robust' as he wants
    * Americans: It's still the economy, stupid

    Issue #1 on CNN — This week, 12pm ET

    NEW YORK (CNNMoney.com) -- Americans are already paying through the nose for gasoline, and they think it's only going to get worse.

    A CNN/Opinion Research Corp. poll found that 94% of respondents expect they will have to pay $4 a gallon sometime this year - and 78% said they figure it will hit $5.

    The national average for gasoline was $3.61 on Monday, according to motorist group AAA.

    Consumers' fears that they will have to pay more have intensified. A year ago, 79% thought gas would cost $4 by the end of 2007 and only 28% feared $5 gas.

    At the same time, high prices seem to be easier to swallow now than it has been for most consumers in the past. Of the more than 1,000 American adults surveyed in the poll, conducted April 28-30, 60% said high fuel prices have caused hardship for them or their household. That's down from 72% in March and 66% during the same time last year.

    Demand for gas is down

    But if Americans feel better able to absorb the rising price of gas, it might be because they are driving less. In fact, demand for gas is far below the average for this time of year.

    "Gasoline is the most elastic of all commodities," said Stephen Schork, editor of energy industry newsletter The Schork Report. "It takes a big jump in prices to alter commuters' behavior, but it appears we have now approached that level."

    And with crude oil topping $120 a barrel for the first time Monday, gas may continue its historic rise.

    "With oil prices so high and demand so low, refiners' incentive to produce gasoline is very thin," noted Schork, saying that low gasoline supplies have meant higher prices for consumers.

    In addition to cutting back on driving, consumers are also buying more fuel-efficient vehicles. U.S. automakers reported a continued drop in SUV and truck sales in April, but smaller cars and hybrid vehicles have increased dramatically. Sales of Toyota's hybrid Prius rose 67% in April.

    No end in sight

    Of course, for some Americans in California, Hawaii, and other western states, $4 gas is already a reality. Gas prices have set record after record, rising 18.4% nationwide this year. Most of that increase has come in the past month.

    Last month, the U.S. Department of Energy said that the national average price of gasoline would hit a high of $3.60 this year. But gas prices have already surpassed that forecast well before the typical peak in gasoline prices in June, leading some analysts to raise their forecasts toward a high beyond $4.

    "For gas prices to come down significantly, we'll have to see a material depreciation in the value of crude, but with prices hitting $120, it doesn't look like that's happening any time soon," Schork said.

    "We'll see a national average of $4, $4.10, $4.20 and maybe even $4.30," added Schork, saying that $5 gas was indeed possible in certain parts of the country by the end of the spring.

    Where do consumers place the blame? With oil companies like ExxonMobil (XOM, Fortune 500) and Chevron (CVX, Fortune 500) taking home record income in the past year, 83% said oil companies are making too much profit. To top of page
    First Published: May 5, 2008: 12:04 PM EDT

    U.S. gas: So cheap it hurts

    Gas bills ate your rebate
     
  2. gopackgo

    gopackgo Cheesehead

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    This is why I'll be riding my bike to school this summer.

    As long as people keep paying, there is no reason for companies to lower prices.
     
  3. Packerbacker04

    Packerbacker04 Cheesehead

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    You know what this is getting ridicilous. I hate this with a passion cause I love to travel. Oh well its summer time now so not a bad time to stay home when the weather is nice. I hope they do something about the gas prices.
     
  4. cheesey

    cheesey Cheesehead

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    Look at it from OPEC's side.........they can produce a million barrels of oil, and charge us less for it, or produce 100 barrels and charge us the same amount. And we have NO way of stopping it.
    They are taking advantage of us.....they have us over a barrel (pardon the pun).
    What can we do about it? Nothing.
    We can't make our own oil, and they know that. So they can, and will charge what they want. There's no "oil shortage", they just do it cause they can.
    We have stopped going for drives, and pretty much only go where we have too. Prices of groceries have sky rocketed, as gas keeps going up. Our country will be driven too it's knees, with out a shot even being fired at us.
    It's pretty bad when the "stimulus" we are getting will only be good for a few fill ups at the gas stasion.
     
  5. PackOne

    PackOne Cheesehead

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    My wife and I talked about this today. Being an out of town student it has hit us pretty hard. We are literally at the point of choosing between gas and food. It is that bad.

    The next decision will be whether or not to put off school to go work full time. It will be a hard one to make, especially when the finish line is only eighteen months away.
     
  6. cheesey

    cheesey Cheesehead

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    I feel for you Packone. Decisions like yours are having to be made all over the country now.
    There is just my wife and I, and going to the grocery store is insane. To try to cook for only 2 people, it costs as much as eatting out. I bought one bag of grocerys, and it was $35. And it's not like i'm buying steak!
    We watch for coupons, and lots of time eat at our local George Webb restaurant. We figured it out, and it would cost MORE for us to buy the food and prepare it ourselves. To buy hamburger, the buns, onion, soda and coffee, then have to pay for the soap and hot water to clean the dishes........with a coupon we can eat for cheaper. Plus, i then don't have to cook and wash dishes! :wink: So we usually sit there, and i drink 3 sodas, and my wife will drink a pot of coffee. We get our moneys worth!
    We don't do it everyday, but it gives me a chance to get out of the house.
     
  7. Zombieslayer

    Zombieslayer Cheesehead

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    I'm moving closer to work. I'll be walking 9 months out of th eyear (here it rains for 3 months and it's sunny for 9 months).
     
  8. cheesey

    cheesey Cheesehead

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    My wife has to drive about 20 miles each way to work everyday. But i have no intentions of moving closer........Milwaukee's crime rate is WAY too high.
     
  9. Pack93z

    Pack93z You retired too? .... Not me. I'm in my prime

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    I think I am going to buy a friggin horse and become Doc Holiday.. I would love to go on a rant about this.. but alas I would become pissed about it and it would ruin my day. Instead, I will just pull another extra out of the budget instead.. not much left to pull though..
     
  10. PackOne

    PackOne Cheesehead

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    Here are some tips on saving some cash on food.
     
  11. DGB454

    DGB454 Cheesehead

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    I went from a full size pick up to a small pick up. I wonder if they make mini pick ups?
     
  12. PackOne

    PackOne Cheesehead

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    I never noticed your link before. Between you and trippster and god knows who else, we could have a team here.
     
  13. cheesey

    cheesey Cheesehead

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    OHHHH......thats just WRONG!!!
    (Was that guy French???)
    And he video's himself stealing.........bet his parents are proud.
     
  14. longtimefan

    longtimefan Super Moderator Staff Member Super Moderator

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    I drive 32 miles one way to work..and cant move closer as penny drives the same amount for her job in the opposite direction..

    So We might move closer to kenosha, rather then staying in oak creek, I will then have a 39 mile one way drive
     
  15. cheesey

    cheesey Cheesehead

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    I never thought i'd live to see the day when a gallon of gas costs more then a gallon of milk........but it has happened.
    If only we could make cars that run on MILK!
     
  16. DGB454

    DGB454 Cheesehead

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    I don't have a cool sig like Trippster but I love watching my son play.
    "A Fathers Pride" is so true.
     
  17. Heatherthepackgirl

    Heatherthepackgirl Cheesehead

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    I dont know what you guys are all paying for gas, but in CA its $3.94 a gallon. This is just crazy, and wouldnt you know with my new job I go through gas like crazy.
     
  18. DGB454

    DGB454 Cheesehead

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    In Mich we are paying $3.68.
     
  19. PackOne

    PackOne Cheesehead

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    Eau Claire, WI. $3.69.
     
  20. BadlandsViking

    BadlandsViking Cheesehead

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    buy bigger suvs
     
  21. trippster

    trippster Cheesehead

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    One word. "Vespa"


    I drive 35 miles each way in a full size tahoe. 85 bucks every 3 1/2 days. I think I am going to work one day a week from home making calls just to stretch out the gas.

    Too bad farts don't count as gas. Cheesey would be rich.
     
  22. IronMan

    IronMan Cheesehead

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    I'm considering canceling my trip to Green Bay this year due to the ridiculous gas prices. I don't want to let the rising costs stop me from having fun, but I just cant see spending almost $1000 for a plane ticket, when last year it was $350. It is really depressing. :-?
     
  23. DGB454

    DGB454 Cheesehead

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    Ironman. Amtrack.
     
  24. IronMan

    IronMan Cheesehead

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    Well, I'm leaning toward renting a car. Its a 12 hour drive which isn't all that bad I guess. I still may luck into a ticket sale for a plane ticket. But I will more than likely drive unless I find a really good deal.
     
  25. cheesey

    cheesey Cheesehead

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    "I FART in your general direction!!!" :John Cleese, Monty Python and the Holy Grail :lol:
     

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