CHICAGO, Ill. – With the U.S. average price of gasoline falling 20 cents per gallon in the past month to $3.22 per gallon yesterday, it may be easy to overreact, but U.S. consumers tell GasBuddy that it’s good news, but, it’s not good enough.
“Some reports have been a bit too gleeful, but we’re not expecting any dancing in the streets,” says Patrick DeHaan, Senior Petroleum Analyst, GasBuddy.com. “Even with the seasonal price decline, 2012 is going to yield the highest average price ever paid –January through December— at $3.63 per gallon.”
To gauge consumer sentiment GasBuddy asked whether gas prices and related transportation costs are forcing consumers to cut back holiday spending. In recent weeks, a survey of respondents nationwide indicated that 43 percent of consumers said gas and transportation costs are forcing them to spend less; 51 percent said those issues are not impacting them and 5 percent were not sure, based on more than 22,000 responses.
Additionally, when asked how their Christmas/Hannukah spending compares to previous years, 32 percent of respondents said they are spending less than previous years; 51 percent said they’re spending about the same; 9 percent are spending more and 7 percent said they were not spending at all, based on 17,000 responses.
GasBuddy operates PennsylvaniaGasPrices.com and more than 250 similar Web sites that track gasoline prices at more than 140,000 gasoline stations in the United States and Canada.
In addition, GasBuddy offers a free smartphone app, which has been downloaded more than 25 million times to help motorists find the lowest gasoline prices in their area.