People are more worried about being able to afford fuel for their cars than heating their homes. That’s the finding of a new poll by the University of Michigan.
The U of M Energy Institute asked people about their energy costs and found that most people are twice as sensitive to increasing gasoline costs than they are to rising home energy costs.
John DeCicco is a research professor at the U of M Energy Institute. He says the reason for the higher sensitivity to gas prices may be found by looking through the car windshield.
“As the saying goes, what other economic indicator is plastered in big numbers on every other intersection across the country. There’s certainly a much greater visibility for the price of gasoline,” says DeCicco.
The average U.S. household spent about $2,000 last year on home energy, including electricity and other household fuels and about $3,000 on gasoline for their car or truck.