With the U.S. average price of gasoline falling 20 cents per gallon in the past month to $3.22/gallon today, 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% of consumers said gas and transportation costs are forcing them to spend less; 51% said those issues are not impacting them and 5% were not sure, based on over 22,000 responses.
Additionally, when asked how their Christmas / Hanukkah spending compares to previous years, 32% of respondents said they are spending less than previous years; 51% said they’re spending about the same; 9% are spending more and 7% said they were not spending at all, based on 17,000 responses.