Rising Gas Prices Imperil Summer Drive Travel Season

There’s no question there’s a pent-up demand for summer travel this year that is ready to explode after more than two years of the pandemic.

But for those planning on hopping in the old Ford Town and Country station wagon for a drive trip vacation, it might end up being cost-prohibitive.

Once again gas prices are on the rise across the country.

The national average for price per gallon is $4.33 and is even higher in some markets. According to Yahoo Finance, some markets in California and Nevada are already over $5 a gallon.

And in a Yahoo/Maru Public Opinion survey from earlier this month, the high gas prices could affect decision-making for some Americans when it comes to summer travel.

Two-thirds, or 66 percent of the respondents to the survey said they have made or will make significant changes to their driving patterns if the national average per gallon goes much higher than the current $4.33 average.

The other 34 percent of respondents said it will take the average rising to $5 a gallon for them to change their driving plans.

The national average for diesel fuel is $5.52 per gallon, an all-time high.

“Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the EU signaled its desire to sanction Russian oil,” Patrick De Haan, head of petroleum analysis at GasBuddy, told WRAL in Raleigh, North Carolina. “In addition, U.S. petroleum inventories saw yet another weekly decline as we near the start of summer driving season.”

In New York and New Jersey, gas prices reached a record high. It’s now an average of $4.51 to fill up in NY and $4.47 in Jersey, according to WABC.

The TV network noted that Tracy Noble, a spokesperson for AAA Mid-Atlantic, says it now costs an average of almost $23 more to fill up than it did a year ago.

Gas also hit a record high in Pennsylvania at $4.51 a gallon.

Source link