As Gas Prices Rise, So Does Consumer Concern On Fuel Economy

Washington DC March 28, 2006; The AIADA newsletter reported that the recent rise in gas prices has made car buyers more attentive to fuel economy. However, automakers are speculating how this ultimately affects purchase decisions, reports Auto Remarketing.

The semimonthly Lundberg Survey of 7,000 U.S. gas stations indicates gas prices are 40 cents higher than they were a year ago. According to research by Frost & Sullivan's Automotive & Transportation Group, about 80 percent of respondents are at least slightly more concerned about gas prices compared to 12 months ago, and about 1 out of three respondents (34 percent) are much more concerned.

At least half the respondents in the survey have already purchased or will consider purchasing a more fuel-efficient gasoline vehicle or hybrid vehicle if fuel prices continue to rise. "Rising fuel prices are a very important issue for the majority of vehicle owners and vehicle makers, prompting manufacturers to offer more fuel-efficient vehicles," said Research Project Manager Rick Brown. "However, many find it difficult to decipher between consumers' concerns about rising fuel prices and actual consumer behavior."

The average price of regular unleaded gas basically stayed the same last week, dropping by less than a penny to about $2.50 a gallon.