As gasoline prices continue to fall from their seasonal high, consumers say they are more optimistic about the economy and will increase their driving in August. However, consumers don’t expect gas prices to fall below $2 per gallon, according to the latest NACS (National Association of Convenience Stores) Consumer Fuels Survey. . . .
A combination of vacations and lower gas prices will lead many Americans to step up their driving in August. One in three (34%) say they will drive more over the coming 30 days, while only 8% say they will drive less. . . .
If gas prices were to fall below the $2 per gallon threshold, however, consumers say that it would have a very significant impact on their driving and spending behavior. One in three drivers (32%) say that $2 per gallon gasoline would have a “great impact” on their personal financial situation, including 43% of consumers from households with incomes under $35,000 per year. Two in five consumers (40%) say that they would likely spend more on items other than gas if gas prices fell below $2 per gallon. A similar percentage (41%) say they would drive more frequently if gas prices fell below $2 per gallon.
