Survey: Consumers expect gas prices to rise; high mpg still important

As gas prices around the US continue to average less than $2.50/gallon, a new survey suggests most consumers expect the price to quickly jump back up.
Respondents to the Consumer Federation of America survey (PDF) expect prices at the pump to reach $3.20 in in the next two years — a 50-percent rise over current prices — and skyrocket to $3.90 by 2020.

The report also suggests many buyers are factoring their gasoline price predictions into their next vehicle purchase, with the vast majority noting that mileage will be “important” in their next purchase. More than half say the mpg rating will be “very important” in deciding which model to buy.

“There’s a good reason why today’s car buyers still believe fuel efficiency is important — they understand that gas prices always go back up,” said CFA director of public affairs, Jack Gillis.

Despite the promising outlook, some automakers appear to be shifting their pricing strategy to woo the segment of buyers who are more concerned with today’s gas prices. Ford has reportedly slashed the prices of its Fusion Hybrid and Energi packages by approximately $900, according to CarsDirect, though the adjustment could be related to last year’s efficiency revision that cut 6 mpg from the Fusion Hybrid’s highway rating.

“Clearly consumers want and are buying more fuel efficient vehicles,” Gillis added. “Those manufacturers who stay on the road to 54.5 mpg by 2025 will be the best-positioned to take advantage of this consumer demand. Manufacturers who fall short of the standard, or push back during the mid-course review, do so at their own peril.”