May 31, 2008

Abstract: (Angus Reid Global Monitor) - Adults in the United States hold gloomy views on the price of fuel, according to a poll by Rasmussen Reports. 71 per cent of respondents believe it is very or somewhat likely that gas prices will reach $5 U.S. a gallon before the end of summer.

(Angus Reid Global Monitor) - Adults in the United States hold gloomy views on the price of fuel, according to a poll by Rasmussen Reports. 71 per cent of respondents believe it is very or somewhat likely that gas prices will reach $5 U.S. a gallon before the end of summer.

The national average price for a gallon of regular gasoline reached $3.96 U.S. earlier this month—the highest level ever recorded by the American Automobile Association.

In April 2005, U.S. president George W. Bush declared, "I wish I could simply wave a magic wand and lower gas prices tomorrow; I’d do that. Unfortunately, higher gas prices are a problem that has been years in the making."

In the U.S., the federal taxes for fuel stand at 18.4 cents per gallon for gasoline, and 24.4 cents per gallon for diesel. Earlier this month, Arizona senator John McCain—the presumptive presidential nominee for the Republican Party in this year’s United States election—called for a temporary suspension of the federal gasoline tax. Illinois senator Barack Obama, who is seeking the Democratic Party’s presidential nomination, dismissed the idea.

Yesterday, Democratic Illinois senator Dick Durbin expressed disappointment with the way the current government has dealt with rising fuel costs, saying, "I believe any other president, at this moment in time, looking at what’s happening to our economy, would have brought the oil company executives to the Oval Office and said, ‘We’ve got to have a good-faith effort by you to keep costs under control’."

Polling Data

How likely is it that gas prices will reach $5/gallon before the end of summer?

Very likely	42%
Somewhat likely	29%
Not very likely	18%
Not at all likely	3%
Not sure	9%

Source: Rasmussen Reports
Methodology: Telephone interviews with 1,000 American adults, conducted on May 21 and May 22, 2008. Margin of error is 3.5 per cent.