What People Will Do — and Won't Do — if Gas Gets Even Pricier
Post-pandemic demand for gas, a decrease in production by oil-producing nations, and U.S. sanctions against Russia have all combined to send the price you pay at the pump through the roof — and it's likely to get worse before it gets better. Analysts at JPMorgan predict that we could be paying over $6 a gallon across the country — ouch — by August. A Reuters/Ipsos poll asked people what they might do differently should gas prices hit $6 or even (gulp) $7 a gallon. The answers might surprise you.
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With gas prices already high, it's no surprise that 49% of those polled said they'll be leaving their cars in the driveway more often.
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About three out of five people, roughly 60%, said they would decrease the amount of time they spend on the road for fun if gas prices continue to go up.
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That cross-country road trip doesn't sound as appealing as it did a few months ago. About half of Americans say they would consider vacationing closer to home, but admit they're not sure if they would cancel plans completely or just choose a different mode of transport (in other words, perhaps cars over gas-guzzling RVs).
More money spent at the pump means less cash for other things. Those surveyed said they'll be spending less eating at restaurants (54%), on entertainment (49%) and on vacations (46%). They'll also consider getting thrifty when it comes to fixing up their homes, a popular pastime during the pandemic. Almost half (47%) will spend less on home improvement.
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Although it seems like an obvious choice to get a car that doesn't need gas (or, in the case of hybrids, a car that needs less of it), a slight majority of people said they won't be getting a greener option even if gas hits $6-$7 a gallon. Fifty-one percent won't consider getting an electric vehicle.
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While some respondents said they would consider moving someplace more walkable, or at least closer to public transportation, most (54%) won't.
While a lot of articles suggest grabbing a bus when gas prices soar, 53% of respondents said that's a no-go. Even more, 67%, say walking to work wouldn't be an option, and 47% are anti-carpooling.
