A record 71 million people are expected to travel on the upcoming long weekend, kicking off Fourth of July holiday festivities. Despite high fuel costs and the threat of a hurricane, Americans are eager to hit the road, with plans for travel similar to pre-pandemic levels.
AAA predicts that almost 71 million people will travel during the Independence Day holiday period, with 60 million driving, nearly 6 million flying, and 4.6 million taking buses, trains, or cruises. Travel this summer will provide vital insight into consumer sentiment for central bank officials in an election year, with hopes that inflation can be controlled without sparking a recession.
While fuel prices remain above historical norms, they have decreased slightly in recent months. Despite this, travelers’ plans remain unaffected by the higher prices, according to a survey by American Trucks. Fuel demand hit a one-year high as retailers stockpiled before the holiday, with jet fuel demand also at a record high.
Hurricane Beryl is not expected to significantly impact US travel plans, as fuel inventories are well-stocked. The rate of change in fuel prices affects consumers more than the price itself, according to experts, and with prices remaining stable, Americans are enthusiastic about traveling.
GasBuddy analyst Patrick De Haan noted that Americans are optimistic and eager to travel, confirming the record-breaking forecast for the upcoming holiday weekend.
Source
Photo credit www.aljazeera.com