Record Number of Travelers Expected This Holiday Weekend
AAA predicts that 37.2M Americans will travel this Memorial Day weekend, a number not seen since 2005. The surge is driven in large part by lower gas costs. Despite inching up from recent lows, drivers can expect to save an average $1 at the pump compared to this weekend last year. Of all travelers roughly 33M will travel over 50 miles by car—maybe to the beach—a 5.3% increase from last year. Gas prices are up nearly 40% from March on account of Middle East turmoil and growing fears of an imminent drop-off in supply. The average nationwide price for gas yesterday was $2.74 a gallon. Despite rising prices the Energy Department still expects American families to save an average $650 this year from lower prices, hopefully leading to growth in retail and tourism spending.
