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    Monday, April 29, 2024

    Nearly one-quarter of Americans see current gas prices as too high

    With seasonal increases in gas prices fast approaching, a recent AAA survey has found that almost one in four Americans think they already pay too much at the pump.

    Gas prices began to decline in the autumn of 2014, and since that point they have often been significantly lower than the same time in the previous year. According to AAA's latest fuel report, the national average of $2.33 per gallon on April 3 was the highest since January. It was up 27 cents from the same time in 2016, but still lower than the average at the same time in 2015.

    AAA projects that gas prices will increase about 40 cents during the summer, peaking close to $2.70. This average would be about 70 cents higher than last year.

    More than 70 percent of respondents in the survey, which polled 1,017 people by phone from Feb. 2 to 5, said they would make adjustments to their driving or lifestyle habits in response to an increase in gas prices. The most common changes drivers said they would make included combining errands or trips, driving less, reducing how often they go shopping or dining out, delaying major purchases, and carpooling.

    The youngest respondents, those between the ages of 18 and 34, were less likely than older respondents to say they would make any lifestyle or driving changes in response to higher gas prices.

    "Higher gas prices are already influencing the travel industry," said Bill Sutherland, AAA's senior vice president of travel and publishing. "The good news is people are still planning to hit the road. With nearly 80 percent of family travelers planning a road trip this year, higher gas prices are making shorter trips to national parks and theme parks the most desired travel destinations."

    Gasoline typically starts to become more expensive in the spring as refineries switch to summer blend gasoline. This type of fuel, designed to reduce evaporation and smog during warmer temperatures, is more efficient than winter blend gasoline but also more costly to produce. Prices also increase as a result of increased demand during the busy summer travel season.

    The U.S. Energy Information Administration is projecting a milder increase in gas prices this summer. In its latest Short-Term Energy Outlook report, the EIA forecasts that average gas prices will peak at $2.51 in July before dropping to $2.24 at the end of the year.

    AAA says drivers typically believe that gas prices should be at least 6 percent lower when they are above $3 per gallon. When prices are below this point, they consider a 25 percent increase to be too high.

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