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Fear the $4 gas

Survey says 71% of Americans expect gas prices to hit $4 a gallon this summer.

January 30 2008: 4:00 PM EST

NEW YORK (CNNMoney.com) -- Expect summer gas prices to hit $4 a gallon, say 71% of Americans, according to a new survey.

More than half of the respondents said that prices for gasoline and home heating oil were their number one economic concern for 2008, topping recession, foreclosure, and unemployment.

The Civil Society Institute think-tank surveyed 1001 Americans as part of 40MPG.org, an action group that aims to make 40 miles-per-gallon standard for all cars in the U.S.

Just over a third of those surveyed said they would be more likely to buy high MPG vehicles if gas hits $4. That number jumps to 44% if gas should exceed $4.

"$4-a-gallon gasoline could be a real tipping point for the public in terms of an even bigger rush for hybrids, clean diesels and other highly fuel-efficient vehicles," said 40MPG.org spokesperson Ailis Aaron Wolf.
Waiting for the Echo Boomers

Just over a third of Americans have cut back on their regular driving habits due to rising fuel costs, according to survey data. And over half said if gas hits $4, they would cut back on summer or holiday travel. 58% said they would cut back on personal spending to help pay for fuel.

But according to energy analyst John Kilduff of MF Global, $4 gas by summer is not likely. The country is in a much better supply position heading into the end of winter, with refineries working back up to capacity, he said. "$4 is a stretch to me."

The concern about energy is shared across political lines, but is significantly greater in households with incomes under $25,000 a year, according to the institute.

Almost nine in ten Americans surveyed said energy-related issues like gas prices and global warming would affect how they vote. About half said Congress could do more to improve vehicle fuel efficiency. To top of page