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CNN Live At Daybreak
Drivers to Change Habits Only if Gas Prices Rise
Aired August 28, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now for some business buzz. Gas prices may be near record highs, but it will take more than that to get America's road warriors to change what -- to change what or how much they drive.
For more on that, let's head to New York and the Nasdaq market site and Carrie Lee.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Well people just love their SUVs don't want to give them up, that's the bottom line. According to auto industry consultant Auto Pacific, gasoline would have to hit $3 a gallon and stay there permanently before drivers would be willing to give up their oversized gas guzzlers for smaller, more fuel efficient cars. And even then, more than half of new car and truck buyers say they wouldn't change what type of vehicles they drive at any price.
Now this information is very important to automakers because it usually takes them two to three years to develop a car, so they would want to know if drivers intend on changing their driving habits. But since gas prices are expected to come down a bit this fall, Carol, don't expect to see fewer SUVs on the road anytime soon.
Back to you.
COSTELLO: Well, I guess you could expect all of that.
Quick look at the futures.
LEE: Futures do look a bit weak this Thursday. Things could change, though, at about 8:30 Eastern we'll get a reading on GDP, gross domestic product, a broad gauge of the products and services produced in this country. That comes out at 8:30 Eastern, as well as weekly jobless claims.
A light session yesterday, the Dow down 6 points, the Nasdaq up 11. Looks a little weak right now at the start, though.
Back to you.
COSTELLO: Thanks, Carrie.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired August 28, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now for some business buzz. Gas prices may be near record highs, but it will take more than that to get America's road warriors to change what -- to change what or how much they drive.
For more on that, let's head to New York and the Nasdaq market site and Carrie Lee.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Well people just love their SUVs don't want to give them up, that's the bottom line. According to auto industry consultant Auto Pacific, gasoline would have to hit $3 a gallon and stay there permanently before drivers would be willing to give up their oversized gas guzzlers for smaller, more fuel efficient cars. And even then, more than half of new car and truck buyers say they wouldn't change what type of vehicles they drive at any price.
Now this information is very important to automakers because it usually takes them two to three years to develop a car, so they would want to know if drivers intend on changing their driving habits. But since gas prices are expected to come down a bit this fall, Carol, don't expect to see fewer SUVs on the road anytime soon.
Back to you.
COSTELLO: Well, I guess you could expect all of that.
Quick look at the futures.
LEE: Futures do look a bit weak this Thursday. Things could change, though, at about 8:30 Eastern we'll get a reading on GDP, gross domestic product, a broad gauge of the products and services produced in this country. That comes out at 8:30 Eastern, as well as weekly jobless claims.
A light session yesterday, the Dow down 6 points, the Nasdaq up 11. Looks a little weak right now at the start, though.
Back to you.
COSTELLO: Thanks, Carrie.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
