TLDR
- GM CFO Paul Jacobson says the company has seen no change in consumer buying habits despite rising gas prices
- U.S. gas prices have risen 25% to $3.72/gallon since the U.S. and Israel attacked Iran on Feb. 28
- Crude oil is hovering around $100 a barrel in the U.S.
- Jacobson said it typically takes four to six months of high oil prices before consumers shift behavior
- Low inventory on trucks and the Cadillac Escalade — not fuel costs — shaped Q1 2026 sales
General Motors CFO Paul Jacobson told a Bank of America conference on Wednesday that rising gas prices have not changed how consumers are buying vehicles. He said the company sees no red flags in its current sales data.
Gas prices in the U.S. have climbed around 25% since the U.S. and Israel launched strikes against Iran on Feb. 28. The national average now sits at $3.72 per gallon, according to the U.S. Energy Information Administration. Crude oil is hovering near $100 a barrel.
Despite that backdrop, Jacobson was straightforward: “Nothing that we’ve seen in the sales data indicate there’s any concerns.”
He did note that there’s a lag before high fuel costs change buyer behavior. “Usually it takes four to six months of sustained high oil prices before people start to think, ‘Maybe I should go for less mileage,'” Jacobson said. “I don’t think we see that.”
GM’s lineup is heavy on trucks and SUVs — exactly the kind of vehicles that take a hit when fuel costs stay high for a long stretch. The company scaled back EV production last year following the rollback of federal fuel-efficiency mandates, putting it more exposed on that front if gas prices hold.
Inventory, Not Fuel, Shaped Q1 Sales
Jacobson said winter weather and a tight inventory situation had a bigger impact on Q1 2026 results than gas prices. GM is preparing to launch new truck models, and that transition has kept stock levels lean.
“If anything, we’re challenged a little bit with low inventory in some key products, particularly the Cadillac Escalade and some of the full size trucks,” he said.
That inventory pinch actually helped insulate Q1 numbers, as demand stayed ahead of available supply. GM is scheduled to report its first-quarter financial results on April 28.
Jacobson Won’t Rule Out Future Impact
Jacobson stopped short of dismissing the Iran war’s impact entirely. He acknowledged that if oil prices stay elevated long enough, the calculus for buyers could shift.
His comments come as GM, Ford, and Stellantis all trimmed EV output after federal EV mandates were rolled back last year. That puts Detroit’s big three leaning harder on high-margin trucks and SUVs — vehicles that become harder to sell when fuel is expensive.
For now, though, Jacobson is not sounding the alarm.
GM stock currently carries a consensus Moderate Buy rating from 19 Wall Street analysts. That breaks down as 14 Buy, four Hold, and one Sell. The average price target of $95.76 represents around 29% upside from current levels.
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