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The
average U.S. retail price of gasoline recently broke through $5
per gallon for the first time in history. While that is not a
record from an inflation-adjusted basis, it still represents an
increase of nearly $2 per gallon from a year earlier. Despite
the higher cost, gasoline demand is only 1% below the average
for this time of year in the United States.
The 42 million figure, should it pan out, would surpass 2019's
peak, when 41.5 million people traveled by vehicle on
Independence Day, according to the American Automobile
Association.
Including air travel, 47.9 million people are expected to travel
50 miles or more from home during the holiday period, just 2%
less than 2019's 49 million, but surpassing 2021's levels, the
travel membership organization said.
“The volume of travelers we expect to see over Independence Day
is a definite sign that summer travel is kicking into high
gear,” said Paula Twidale, senior vice president of AAA Travel.
“Earlier this year, we started seeing the demand for travel
increase and it’s not tapering off."
Through April, cumulative vehicle miles traveled for 2022 totals
1.017 trillion vehicle miles, a rate that trails only 2019 and
2018 in terms of pace, according to the U.S. Department of
Transportation.
(Reporting By David Gaffen; Editing by David Gregorio)
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