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Americans worry about ongoing gasoline price hike
in-en.com  2008-5-6 8:31:15  

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Most Americans worry about the ongoing gasoline price hike and think it's only going to get worse, a new poll shows.

A CNN/Opinion Research Corp. poll released Monday found 94 percent of respondents expect they will have to pay 4 U.S. dollars a gallon (1 gallon equal to 4.55 liters) sometime this year and 78percent said they figure it will hit 5 dollars.

The national average price for gasoline stands at 3.61 dollars per gallon Monday.

Consumers' fears that they will have to pay more have intensified, the poll finds.

A year ago, 79 percent thought gas would cost 4 dollars per gallon by the end of 2007 and only 28 percent feared about the cost of 5 dollars per gallon.

At the same time, high prices seem to be easier to swallow now than it has been for most consumers in the past.

Of the more than 1,000 American adults surveyed in the poll, conducted April 28-30, 60 percent said high fuel prices have caused hardship for them or their household.

That's down from 72 percent in March and 66 percent during the same time last year.

But if Americans feel better able to absorb the rising price of gas, it might be because they are driving less.

In fact, demand for gas is far below the average for this time of year.

"Gasoline is the most elastic of all commodities," said Stephen Schork, editor of energy industry newsletter The Schork Report.

"It takes a big jump in prices to alter commuters' behavior, but it appears we have now approached that level," he added.

Nevertheless, with crude oil topping 120 dollars a barrel for the first time Monday, gas may continue its historic rise.

 


 
Author:Xinhua  From:Xinhua  Edit:inen
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