Do More With Reuters

High gasoline prices hurting U.S. consumers -poll

Mon Apr 21, 2008 11:26pm IST
 
Email | Print | | Single Page
[-] Text [+]

By Tom Doggett

WASHINGTON, April 21 (Reuters) - As gasoline prices roar to successive record highs, more Americans are hurting at the pump, plan to cut back on driving and buy fewer gas-guzzling vehicles, according to a consumer group survey.

U.S. households spent more than $100 billion on gasoline during the first quarter of this year, more than double the $40 billion spent in the same period just six years ago, according to the Consumer Federation of America.

"That's a huge bite out of the household budget," said Mark Cooper, CFA's research director. "People will use less gasoline."

The CFA surveyed 1,004 "representative Americans" during the first week of April.

U.S. average gasoline prices reached a record $3.50 gallon on Monday, according to the travel and auto group AAA, with diesel hitting a peak $4.20 a gallon.

Fuel costs are rising on the back of crude oil which climbed to a record $117.60 a barrel on Monday.

The survey conducted for the CFA found that 60 percent of respondents said rising gasoline prices caused them much or some hardship, with 27 percent reporting much hardship.

As a result, 45 percent of those surveyed said they were driving less compared with a year earlier, while only 10 percent said they were driving more.  Continued...

Photo

Catch the latest news, pictures, stats and live race commentary on our special Formula 1 page.  Full Coverage 

Commodities

Commodity Last Pct Chg Trade Date/Time
Oil 78.62 +3.56% 10/13 13:46 IST
Gold 865.1 +0.98% 10/13 13:56 IST