New survey data from AAA finds that two-thirds of Americans felt gas prices were too expensive just a few weeks ago at $3.53 per gallon. Now with the national average at an all-time high of over $4, Americans may have reached a tipping point.
Over half (59 percent) said they would make changes to their driving habits or lifestyle if the cost of gas rose to $4 per gallon. If gas were to reach $5, which it has in the Western part of the country, three-quarters said they would need to adjust their lifestyle to offset the spike at the pump.
Among Americans who said they would make changes in response to higher gas prices, a majority (80 percent) said they would opt to drive less, with some differences among age groups:
The survey showed 18- to 34-year-olds are almost three times as likely as those 35 and over to consider carpooling (29 percent vs 11 percent), which would likely involve major changes to their daily travel plans.
Those 35 and over are more likely to favor combining tips and errands (68 percent versus 52 percent) and to reduce shopping or dining out (53 percent versus 43 percent).
While many Americans may adapt their daily habits to make up for higher gas prices, it likely won’t have as much of an impact on summer travel. AAA’s survey found that 52 percent of Americans have plans to take a vacation this summer. Of those, 42 percent said they would not consider changing their travel plans regardless of the price of gas.
Since the New Year, the national average has continued a steady climb due to strained supply and increased demand. But Russia’s invasion of Ukraine in late February caused oil prices to spike further and in the 14 days since the conflict began, the national average has risen $0.70 (as of Wednesday, March 9). These are numbers not seen at the pump since the financial crisis in 2008, the highest on record until this week (note: AAA historic data is not adjusted for inflation).
While the conflict continues on the far side of the globe, consumers will likely not see relief any time soon, AAA said.
