'Record-Breaking Fourth of July Travel Expected as Americans Overcome High Fuel Prices'

Money | July 4, 2024, 3:14 a.m.

Despite high fuel costs and the looming threat of a hurricane, Americans are gearing up for record travel during the Fourth of July holiday. Motorist group AAA projects nearly 71 million people will hit the road, a level similar to pre-pandemic times. This surge includes 60 million drivers, 6 million flyers, and 4.6 million who will take alternative modes of transport. Despite some concerns about inflation, travelers appear undeterred, with petrol prices dropping slightly and airfare experiencing a slight decrease. With a robust demand for petrol and well-stocked fuel inventories, factors like Hurricane Beryl are unlikely to dampen travel plans. American Truck's survey shows that consumers are more influenced by the rate of change in fuel prices rather than the price itself, indicating a strong desire to travel despite potential challenges. Gas expert Patrick De Haan notes that Americans' optimism and eagerness to hit the road are undeniable.