Record-breaking gas prices won’t stop many Memorial Day plans
Federal data shows Memorial Day gas prices are the highest they’ve been in a decade, adjusting for inflation.
The U.S. Energy Information Administration also found that without adjusting for inflation, this is the highest gas prices have been since it started keeping track in 1990.
But analyses by AAA found that people still plan to go on their vacations.
“People are still doing what we call ‘revenge travel’, trying to get even with the pandemic,” said Matthew Conde, a public affairs director with AAA Idaho.
Conde said their research found that half of people won’t cancel summer vacations no matter what gas prices do. At the same time, most people will start making changes as prices continue to increase, which could include how much they spend in other areas.
“We’ve learned that 56% of Americans will make changes at the $4 [per gallon] mark, and that 75% will make changes at the $5 mark,” he said.
These price hikes are driven by an increased demand for gas, global markets, Russia’s invasion of Ukraine, and the price of crude oil, which has been increasing since April 2020.
Since motorists are expected to continue clogging roadways this weekend, Conde said it’s important to keep calm and double-check emergency supplies. This may be especially true for areas expecting inclement weather.
This story was produced by the Mountain West News Bureau, a collaboration between Wyoming Public Media, Boise State Public Radio in Idaho, KUNR in Nevada, the O'Connor Center for the Rocky Mountain West in Montana, KUNC in Colorado, KUNM in New Mexico, with support from affiliate stations across the region. Funding for the Mountain West News Bureau is provided in part by the Corporation for Public Broadcasting.
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