Magic number for gas prices? Try $5.30 a gallon

Gene J. Puskar / AP

This Feb. 27 photo shows gas prices at a Pittsburgh Exxon mini-mart. Gas prices have been on the rise.

By Allison Linn

The recent spike in gas prices has caused plenty of griping about pain at the pump, but a new survey finds that it?s going to take a much bigger jump before many people start rethinking their spending habits.

A Gallup poll released Thursday found that, on average, gas prices would have to hit $5.30 before people would be forced to make significant cutbacks in other types of spending.

The survey, conducted just a few days ago, also found that, on average, Americans said they would be forced to make significant changes in how they lived their life only if gas hit $5.35 a gallon.

Still, that means about half of Americans would have to start making significant changes in their spending or other habits long before we hit $5-a-gallon gas.

Prices at the pump finally eased a couple of days ago, after 27 straight days of increases. A gallon of regular gas currently costs $3.76 on average, up from $3.52 a year ago, according to AAA?s Daily Fuel Gauge Report.

Gallup surveyed about 1,000 people to come up with its results.

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At what point would gas prices force you to make significant changes in your spending?

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Source: http://lifeinc.today.msnbc.msn.com/_news/2012/03/08/10613169-magic-number-for-gas-prices-530-a-gallon-poll-finds

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