Americans believe gasoline prices will stay high

Gallup Poll finds majority resigned to high petroleum costs

by Tom Stundza -- Purchasing, 7/23/2008 10:54:00 AM

A majority of Americans (87%) say that gasoline prices will increase between now and the end of the year—and a majority (52%) tells a Gallup Poll that prices will increase "a lot." Some observers may hope gas prices will settle back down after Labor Day this year, but that hope is not widely shared by average Americans, among whom pessimism about gas prices reigns supreme. The data suggests that to the degree that consumer purchasing behavior is controlled by beliefs about the future, one should probably not expect a significant uptick in consumer spending in the weeks ahead. Not shockingly, almost all Americans (97%) say the price they pay for gas has gone up a lot since the beginning of the year. Americans are deeply pessimistic about the trajectory of gas prices over the next six months, with the vast majority saying they will continue to go up rather than stabilizing or getting lower.