Think the price of a gallon of gas will never reach $5? Think again, say analysts, some of whom even predict we could be seeing $5 gas nationwide by the end of 2012, thanks to renewed tensions in the Middle East and increased demand from countries like China and India.
Either way, Americans seem to be approaching the tipping point in terms of gas prices and overall spending, according to the results of a Gallup Poll released in early March. Among the survey respondents, 28 percent said that a price of around $4 per gallon would be enough for them to change their lifestyle and cut back on spending elsewhere, while 14 to 17 percent are ready to make those changes at today's prices. The average price for "widespread, serious consequences" for spending and lifestyle patterns, according to Gallup, is $5.30 per gallon.
We asked members of Yahoo! Contributor Network to reflect on the possibility of $5 gas and share how rising costs will affect their own driving habits. Their responses are below.
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"Although I will do what I can to cope with high gas prices, there are some things I won't do. I don't like public transportation so I won't take a bus or train. I also don't like to commute by bicycle. To me, it's too much to have to change my clothes in the office bathroom after getting sweaty." -- Laura Cone
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"I have decided that I will walk more to the places close to my house. This is not only 'green' but also saves money. I know that I would have to be more careful in scheduling my daily errands. They will take longer now if I walk. I also have decided to take public transportation whenever possible. The buses in my city run on natural gas. I will spend less money if I pay for a bus pass as oppose to driving every day.
"The reality is that, as gas prices rise, it is not just the car expenditures that go up. Transport cost of goods is immediately affected. In these uncertain times in the economy overspending on anything is truly not an option." -- Hector Quiambao
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"One of the biggest benefits of living in Chicago is not having to use my car every day. With public transportation and so many places within walking distance, there is no reason to drive. In fact, I really only drive my car when I have to leave the city. With gas at $4.39 a gallon and rising, driving my car each day just isn't cost efficient. If gas is really going to be $5 a gallon this summer, I think I will pretty much stop driving my car altogether. It is just not worth it anymore." - Katya Gordeeva
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"My hubby and I set aside $80 a week to fill up both of our tanks, and we generally use it all up by week's end. That's $320 a month; at max, our fuel budget is $350 a month. We've been debating a long time about purchasing a hybrid vehicle. If gas truly does reach $5 a gallon, I think that will be our breaking point. We just won't be able to afford to drive standard vehicles anymore. I predict many will be right behind us if these gas prices keep going the way they are." - Marie Brandon
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"We live close to work but not to affordable grocery stores or dry goods stores. We have already changed our grocery and other shopping trips. We go to town once every month. That may have to be extended to once every month and a half.
"When it comes to the homestead, high gas prices hits us hard. If the farmers pay higher fuel costs, they are going to pass that cost on to consumers. We have to buy hay for our livestock. The farmers we buy from will raise the hay prices to cover their added fuel expenses. This in turn, has small livestock owners like ourselves, selling off breeding stock. With hay ground being turned into corn/bean fields, higher gas prices will just about put us out of producing our own beef." - Sherry Tomfeld
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"Several years ago, when gasoline was first priced at the levels we are seeing now, I made a conscious choice to let go of preconceptions and think outside the box. I sold my car and bought myself a little 50cc Yamaha scooter. And I'm glad I did. I saved thousands of dollars in the very first year that I rode the quick little scoot instead of my car. Crazy as it sounds, the cute little motorbike has actually paid for itself several times over in gas savings alone since I bought it two years ago. And that's not including the absolutely massive cut in costs I have thoroughly enjoyed on my auto insurance bills.
"The scooter is fun to drive, and it literally gets about five times as many miles per gallon as my old car, and 10 times the mileage of the truck that I drove before that. I guess the price of $5 a gallon gas already did affect me. But I knew it was going to stay high for the foreseeable future, so I adapted, and I never looked back." - Abby Sweet
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"The increase in gas prices won't change my driving habits much, because I already plan my car trips. If I need to go to three or four places, I do them all in one trip, making a big loop instead of four separate trips. I frequent stores that are along the route I drive to work, rather than going out of my way. I wouldn't dream of making a 46-mile round trip to the "better" mall when there's a perfectly good mall 2.5 miles from my house. And for God's sake, don't ask me for a ride to the neighbor's house." - Kay Whittenhauer
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"My biggest concern is that I drive a V-6 and it only gets about 23 miles to the gallon, so I am already spending about $35 each week on gas. I am going to try to drive less, which means I will not be going down the road to the local Dollar General just because I want a snack. I am going to have to remember to get everything I need and might want in one trip, so I am going to need to start making a list of things I should pick up while I am already out. I also plan on cutting back how much gas I put in my gas tank at one time, because I usually do not have $60 to fill up the gas tank. I can scrape together $5 much easier than I can $60, so I guess I will be driving with less than a half tank more often." - Jeanne Rose
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"We aren't an extremely wealthy family; we are middle class for sure. We live pretty comfortably right now, but with gas prices rising we may quickly reach our breaking point. We've already had to cut back on eating out to cover the current high cost of gas. If a gallon of gas reaches $5 here, and remains there for long, we may be forced to purchase another vehicle that gets more miles per gallon to offset the cost." - Threesia Goff
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"If gas were $5 a gallon I'd cost me $100 to fill my tank, but it doesn't matter. At $4 and $5 a gallon, I'm not going to fill my tank. I'm going to put the minimum amount of gas in my car to get me through the week and that's it." - S.L. Carroll
*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.
