Going on a summer trip? Better Get Ready to Spend a Lot on Gas
Summer travel has hit a roadblock this summer say officials with GasBuddy. They've released a first ever Midsummer Travel Survey and it shows that 10% fewer Americans are planning on a road trip this summer then were planning the trip in May.
DEMAND FOR GAS HIT ITS HIGHEST LEVEL LAST WEEK
GasBuddy however says demand for gas last week hit the highest level of the year. So what's going on? High gas prices that is the reason many are deciding to cut summer trips instead planning trips closer to home. In early May, 57 percent of Americans were planning to take a road trip, according to GasBuddy’s 2021 summer travel survey. Since then, gas prices have risen to a seven-year high, a new variant of Covid-19 has spread throughout the country and a pipeline shutdown brought gasoline shortages to the Southeast.
50% OF AMERICANS SAY GAS PRICES ARE THE REASON FOR NOT TRAVELING
Today, only 46 percent have or are still planning to hit the road. Gas prices have been steadily climbing since early November to prices we haven’t seen since 2014, with a national average of $3.14 per gallon. Fifty percent of Americans now say high gas prices are deterring them from taking a road trip, up from 46 percent in May.
“With new Covid cases rising and gasoline prices at their highest level since 2014, some motorists appear to be re-thinking their summer travel plans,” says Patrick De Haan, head of petroleum analysis at GasBuddy. “However, while some may be trimming summer road trips,demand for gasoline remains strong across the country,with GasBuddy data showing that last week’s consumption reached a 2021 high, topping the busy July 4 holiday weekend. That will keep prices from falling much even as Covid anxiety rises.”