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File this under: Not surprising.
Last Friday, we asked readers what their #1 fear for the US economy.
These were the results:
  • Europe collapsing: 20%
  • A China hard landing: 2%
  • Gasoline prices: 8%
  • A war in Iran: 15%
  • Fiscal tightening in 2013: 5%
  • Premature monetary tightening: 2%
  • Surprise inflation: 5%
  • Political dysfunction: 12%
  • A terrorist attack in the US: 1%
  • A 1987-like market crash: 4%
  • A debt crisis in the US: 17%
  • A debt crisis in Japan: 1%
  • Other: 8%
A Euro collapse was the clear leader. Gasoline prices were only selected by 8% of voters.
Well now today we ran the exact same poll. And check out the results:
  • Europe collapsing 13%
  • A China hard landing 5%
  • Gasoline prices 14%
  • War with Iran 12%
  • Fiscal tightening in 2013 4%
  • Premature monetary tightening 1%
  • Surprise inflation 7%
  • Political dysfunction 13%
  • A terrorist attack in the US 1%
  • A 1987-like crash 3%
  • A debt crisis in the US 22%
  • A debt crisis in Japan 0%
  • Other 6%
Just like that, gas prices have shot up to the 2 spot, with 14% of the people selecting it their #1 fear: A gain of 6 points. European collapse fears have receded dramatically. A US debt crisis comes in bizarrely high, just like last time. We're not going to read too much into this, except that there's a certain faction of the public that's always obsessed with this.
Bottom line though: Gas is the new Europe.