Statewide Iowa — New survey data from AAA finds that two-thirds of Americans felt gas prices were too expensive just a few weeks ago when the national average was at $3.53 per gallon.
Now with the national average at an all-time high of $4.33 as of March 12th, Americans may have reached a tipping point. Over half (59%) said they would make changes to their driving habits or lifestyle if the cost of gas rose to $4 per gallon. If gas were to reach $5.00, which it has in the Western part of the country, three-quarters said they would need to adjust their lifestyle to offset the spike at the pump.
In Iowa, the average price for a gallon of regular unleaded gasoline reached $3.92 on March 12th, up 40 cents in the past week. The highest recorded price in Iowa was $4.02/gallon July 16, 2008. (More details available at https://gasprices.aaa.com/?state=IA)
Among Americans who said they would make changes in response to higher gas prices, a majority (80%) said they would opt to drive less, with some differences among age groups:
18 to 34 year-olds are almost three times as likely as those 35 and over to consider carpooling (29% vs 11%), which would likely involve major changes to their daily travel plans.
Those 35 and over are more likely to favor combining trips and errands (68% vs 52%) and to reduce shopping or dining out (53% vs. 43%).
While many Americans may adapt their daily habits to make up for higher gas prices, it likely won’t have as much of an impact on summer travel. AAA’s survey found that 52% of Americans have plans to take a vacation this summer. Of those, 42% said they would not consider changing their travel plans regardless of the price of gas.
The survey was conducted February 18-21, 2022 using a probability-based panel designed to be representative of the U.S. household population overall. The panel provides sample coverage of approximately 97% of the U.S. household population. Most surveys were completed online; consumer without Internet access were surveyed over the phone. A total of 1,051 interviews were completed among U.S. adults, 18 years of age or older. The margin of error for the study overall is 3% at the 95% confidence level. Smaller subgroups have larger error margins.
