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Survey: More people believe gas prices will stay the same or decline

Posted On Mon, June 6, 2011

The gasoline price tracking website GasBuddy.com says motorists are spending less on fuel lately, as the cost of fuel has dropped 17 cents in one month. And with prices going down, consumer sentiment is going up.

According to the most recent market intelligence survey conducted by Kelley Blue Book, respondents have a much rosier view of gas prices. More than half - 52 percent - now say they believe gas prices will either stay the same or drop over the next 30 days and only 30 percent said they were considering buying a new car. In April, a similar poll found 35 percent were considering purchasing a new vehicle to save on gas.

Jack Nerad, executive editorial director and executive market analyst for KBB.com, said the poll's results could be a boon for automakers.

"If consumers feel more optimistic about the near-future state of gas prices and more confident in their personal economic situations, this will bode well for the automotive industry, though declining home values present a continuing concern," said Nerad.

There were likely fewer auto insurance purchases last month, as several car makers reported a negative rate of sales, but most manufacturers attributed the decline to supply shortages.

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