Although gas prices are on a record high, one study found that Americans still plan to travel and vacation this summer.
According to the AAA, new research shows that nearly half of the people surveyed plan to travel by car or truck in the next six months.
With gas prices hovering around $ 5 per gallon, that’s close to a 60% increase in fuel prices from last year’s time.
According to a recent article in The Washington Post, the increase in drivers on American roads could also boost gas prices further due to supply and demand.
Sherrill Mulkearns posted on Facebook that gas prices would not deter him and his family from traveling.
“We’re heading to a family wedding in West Virginia next weekend and then driving to Cleveland to take care of the grandchildren while the parents attend a conference in Europe,” Mulkearns said. “Nothing can be negotiated – must go to both.”
For Robin Jennings he had to cancel his birthday trip. “We only plan to live on earth in our pool.” Jennings said on social media.
In an article about Business Wire, location data company Arrivalist stated 37.9 million Americans travel by car on Memorial Day weekend.
This volume is tracking slightly above traffic levels for 2019 and 2021 Memorial Day. Overall, US Road Trip 2022 is tracking 8.5 percent above 2021 volume.
According to the AAA, the highest average gas in the U.S. is currently in California, where the average gallon costs $ 6.06. The cheapest can be found in Oklahoma, which averages just over $ 4 per gallon.
Arleta Hicks also posted on social media that the rise in fuel costs has changed plans for family visits. “I would like to travel a little bit and visit my daughter who lives about 2-1 / 2 hours from me,” Hicks said. “But, I’m a senior citizen on a tight budget. Not only gas prices, but inflation in all other things, will make me live on earth more than normal.
Eddie Dickerson said “how” people will be able to afford the rise in gas prices is the real story.
“Let’s tell you what happened when everyone took out a credit card for gasoline to go to the store … That’s a bigger story, a bigger problem than why.” said Dickerson.
You are not alone if you are one of the millions of Americans who use credit cards and, in some cases, maximize them to meet their needs.
Recent consumer debt data from the Federal Reserve Bank indicates that total consumer credit card balances improved annually.
According to data from credit reporting firm Equifax, Americans opened a record 11.5 million credit card accounts in the first two months of 2022.
The credit limit on the new cards was a total of $ 55.5 billion, up nearly 60% from last year’s period.
