Record Number of Travelers Expected for July 4, Despite High Fuel Prices By Investing.com

Record Number of Travelers Expected for July 4, Despite High Fuel Prices By Investing.com
Record Number of Travelers Expected for July 4, Despite High Fuel Prices By Investing.com

Americans are gearing up for a record-breaking travel season for the July 4 holiday, undeterred by high fuel prices and the potential impact of Hurricane Beryl. AAA projects that nearly 71 million people will participate in travel activities, marking a return to pre-pandemic mobility levels.

About 60 million people plan to travel to their destination by car, nearly 6 million will fly and about 4.6 million will opt for bus, train or cruise.

AAA spokesman Andrew Gross noted the unprecedented nature of the numbers, suggesting that this year’s travel reflects expectations from 2020, before the pandemic changed plans.

Despite a flat inflation rate in May and a slight increase in consumer spending, optimism reigns that the Federal Reserve can manage inflation without triggering a recession. Gasoline prices have edged down, with the national average at $3.50 a gallon as of Tuesday, down from last year, while domestic airfares have also fallen 2%, with a round-trip ticket costing an average of $800.

Although fuel costs are higher than historical figures, such as the average of $2.74 per gallon during the same week in 2019, a survey by American Trucks found that vacationers are not swayed by the price increases.

Hurricane Beryl, which has been wreaking havoc in the Caribbean since Monday, is expected to weaken by Thursday night as it approaches Mexico’s Yucatan Peninsula and poses no immediate threat to holiday travel to the United States.

In addition, the United States is well prepared with larger fuel inventories than in recent years, which could help cushion any sudden price spikes if the hurricane disrupts refining operations.

As of June 21, U.S. gasoline inventories were about 5% higher than a year earlier, with diesel and jet fuel inventories also up 6% and 7%, respectively.

Reuters contributed to this article.

This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&C.

-

-

PREV Death of Naomi Musenga: suspended sentence for the emergency medical service operator
NEXT VIDEO. 2024 US presidential election: “I smashed that old pile of shit”… Donald Trump’s violent attack on Joe Biden