Oil prices rose in early…
The ongoing UAW auto strikes…
GasBuddy released its annual summer travel survey on Thursday, suggesting that the percentage of Americans planning on road trips this summer has increased over last year, indicating that crude oil demand destruction—at least from the transportation sector—isn’t on the horizon even at today’s high gasoline prices.
According to the survey results, 58% of Americans plan on road-tripping this summer - that is an increase over last summer when gasoline prices were $1.50 less per gallon.
The GasBuddy survey, polling nearly 2,000 GasBuddy members between April 28 and May 2, cautioned that nearly two-thirds of those polled had yet to confirm their travel plans, with 38% reporting that inflation is adding difficulty in planning summer travel.
Higher gasoline prices have affected the summer travel plans of 70% of the respondents—a 24% increase over last year—and 65% of those polled are taking just one or two road trips, the survey showed.
Memorial Day weekend will be the most popular travel weekend (47%), with Independence Day (33%) and Labor Day (31%) filling the number two and three spots.
"Against a backdrop of gas prices that have continued to set new records ahead of Memorial Day, Americans have been resilient in their desire to hit the road, but we're certainly seeing increased hesitancy due to rising prices at the pump. Soaring inflation has led to uncertainty over rising costs,” said Patrick De Haan, head of petroleum analysis for GasBuddy in a Thursday press release on the report. “The Covid factor is still present, but has been dwarfed this year by Americans’ concern over high gas prices and dwindling affordable travel options to make use of the best months of the year.”
The national average price of a gallon of gasoline rose to $4.589 on Thursday - another new high and a $.17 per gallon increase from a week ago according to AAA.
By Julianne Geiger for Oilprice.com
More Top Reads from Oilprice.com:
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.