Despite declining prices at the pump and a prevailing expectation that lower prices will continue, a majority of U.S. fuel consumers remain pessimistic about the overall state of the American economy, according to the latest national consumer survey released by the National Association of Convenience Stores (NACS).
Only 44 percent of Americans say they are “very optimistic” or “somewhat optimistic” about the economy, down three points from last month. Economic optimism also is down compared to this time last year, when nearly half (49 percent) reported feeling optimistic about the state of the economy.
Consumers in the Northeast are least optimistic (37 percent) and consumers age 18-34 are most optimistic (51 percent). U.S. fuel consumers report a median gas price of $2.10 per gallon, a 16-cent drop from July, and a total decline of 28 cents since June 2016’s summer high of $2.38.
Americans have noticed this trend in declining prices, and a majority expects low prices to continue. When asked whether they think gas prices 30 days from now will be higher or lower, nearly three in five (59 percent) say they expect prices next month to be the same or lower.
As has been the case throughout 2016, gas prices remain significantly lower than they have been in recent years. This month’s median gas price of $2.10 is 54 cents lower than August 2015’s median gas price of $2.64 and $1.40 per gallon lower than August 2014’s median price of $3.50.
“Consumer optimism has decoupled from gas price changes for only the second time in three years—and in both cases the news was dominated by politics. It’s likely that the recent political conventions pushed down optimism and the rancor of the campaigns is taking its toll on consumer optimism,” said Jeff Lenard, VP of strategic industry initiatives for NACS.
