Holiday vacationers on the busy Memorial Day weekend will see average gas prices about $1 lower than in 2022.
, De Haan said. If a debt deal is reached, economic optimism could help forestall a recession – and possibly cause a halt in interest rate hikes, he said. In that case, prices could rise because demand for fuel will increase, too. However, in that case, higher gas prices aren’t necessarily bad news, De Haan said.GasBuddy’s 2023 Summer Travel Survey
, released last week. While 64% of U.S. respondents said they planned to take a summer road trip, more than half had yet to confirm plans by booking hotels or other activities, the survey found. Memorial Day road trips are up 6% over last year, according to AAA, with 37.1 million Americans driving to their destinations. That's still shy of pre-pandemic road-tripping by about 500,000 travelers, AAA says.
"Americans seem to feel a bit worse about the economy this year on the heels of rising interest rates, the bank crisis, and inflation that has spiked, impacting their ability to take a road trip during the summer driving season,” De Haan said in a statement.A GasBuddy study released today revealed that more Americans are considering heading out for a summer road trip, but many are hesitant to confirm their plans.
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