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January 12th, 2009

How About That Cheap Gasoline?

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Over the last few months, we ran a survey in our weekly Market Trends Newsletter that revealed how cheaper gasoline prices have influenced not only our readers’ driving habits, but their savings habits as well.

When we asked our readers whether they were driving more since gas prices plummeted, nearly 77% said “No, I’m driving less than before.”

If there was one factor from cheaper gas that consumers benefited most from, it’s the extra cash in their pocket at the end of each week. What did the majority of our readers do with their lower gas price windfall? 63.8% said “Paying the bills!”

Finally, “Did higher gas prices change your driving habits?” Nearly 70% responded “Yes, drove less.”

Click here to view the complete results from HSH’s survey “How About That Cheap Gasoline?”

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4 Responses to “How About That Cheap Gasoline?”

  1. Steve Says: January 12th, 2009 at 5:41 pm

    Who has extra cash in their pocket? Groceries are still sky high, they have not gone back down since gas did.My electric bill went up 16% it is only going to come back down 4%. What happened to the other 12%? People are totally broke from this past year of high gas prices.The high cost of fuel this past year did serious damage to our economy and society. After a brief reprieve gas prices are inching back up again. Our nation should not allow other nations to have such power over us and our economy . We have so much available to us in the way of technology and free sources of energy. WE seriously need to get on with becoming an energy independent nation. We are spending billions upon billions in bail out dollars. Why not spend some of those billions in getting alternative energy projects set up. We could create clean cheap energy, millions of badly needed new green jobs and lessen our dependence on foreign oil all in one fell swoop. I just read an eye opening book by Jeff Wilson called The Manhattan Project of 2009. It would cost the equivalent of 60 cents per gallon to drive and charge an electric car.If all gasoline cars, trucks, and SUV’s instead had plug-in electric drive trains, the amount of electricity needed to replace gasoline is about equal to the estimated wind energy potential of the state of North Dakota. Why don’t we use some of the billions in bail out money to bail us out of our dependence on foreign oil? This past year the high cost of fuel so seriously damaged our economy and society that the ripple effects will be felt for years to come. http://www.themanhattanprojectof2009.com

  2. Forex scalping Says: January 13th, 2009 at 8:23 am

    Of course people will drive less. This is result of panic.

  3. Tim Manni Says: January 13th, 2009 at 12:51 pm

    Steve,

    Thanks for your comments. I hear you a 100% — any extra cash goes directly towards paying bills! We have heard numerous reports that economist are predicting gas prices to increase in ‘09. Energy independence has been a thorny issue for some time now. There’s no coincidence that the alternative fuel movement seemed to all but disappear when gas prices plummeted. In your opinion, should the US explore off-shore drilling? For the long term, which is the best way to rid ourselves of our dependence on foreign oil: off-shore drilling or alternative fuels and vehicles?

    Thanks again for your insight,

    Tim

  4. Tim Manni Says: January 13th, 2009 at 12:54 pm

    Forex,

    Thanks for your comment. Record-setting gas prices forced some people to drive less — economically they had no other option. How will consumers react if gas climbs back to $3 a gallon?

    Thanks again for all your comments,
    Tim

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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