Will Gas Prices Put Summer Travel Plans on Ice?

Number of the Day: The most relevant or interesting figure in personal finance

70%

That’s how many GasBuddy users said high gas prices are impacting their summer travel plans, up from 46% last year.

As the Memorial Day holiday unofficially kicks off summer this weekend, gas prices continue to hit record highs, reaching a national average of $4.60 a gallon on Wednesday—over $1.50 more than this time last year, according to AAA.

Not surprisingly, the recent spike is affecting far more summer plans this year than last year, according to a survey of people registered to use GasBuddy, an app that tracks station prices. Still, there are just as many people (a few more, actually) who are planning at least one road trip this year: 58% of those surveyed this year, compared to 57% last year.

“Against a backdrop of gas prices that have continued to set new records ahead of Memorial Day, Americans have been resilient in their desire to hit the road, but we’re certainly seeing increased hesitancy,” Patrick De Haan, head of petroleum analysis for GasBuddy, said in a recent press release.

Gas prices have spiked more than $1 a gallon, or 30%, since Russia invaded Ukraine on Feb. 24, and may very well keep going up. International sanctions against the oil-producing country have undercut the global supply of oil and the products made from it, like gasoline. Meantime, U.S. oil refineries haven’t been able to produce enough gas to keep up with increased demand for the summer driving season.

Have a question, comment, or story to share? You can reach Terry at tlane@thebalance.com.

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