Higher Fuel Prices Have Some Americans Scaling Back Holiday Travel Plans
23 hours ago
The U.S. Travel Association expects annual travel spending to grow by a modest 1% this year, powered largely by domestic leisure travel despite the FIFA World Cup giving soccer fans from other countries a reason to visit the U.S. Airfares have climbed around the world along with the price of jet fuel as the war constrains global oil supplies.
Sticking closer to home may not cushion the sticker shock. The nonprofit Institute on Taxation and Economic Policy estimated Americans would collectively spend an extra $3.5 billion on gasoline over the holiday weekend. The average price for a gallon of regular gas in the U.S. was $4.56 on Thursday compared to $3.18 a year ago, according to motor club AAA.
Other travel expenses have gone up too. The latest consumer price index showed airfares were 20.7% higher in April from a year earlier, the cost of intracity transit such as buses and subways rose 5.6%, lodging cost 4.3% more, and eating out got 3.6% pricier.
Sticking closer to home may not cushion the sticker shock. The nonprofit Institute on Taxation and Economic Policy estimated Americans would collectively spend an extra $3.5 billion on gasoline over the holiday weekend. The average price for a gallon of regular gas in the U.S. was $4.56 on Thursday compared to $3.18 a year ago, according to motor club AAA.
Other travel expenses have gone up too. The latest consumer price index showed airfares were 20.7% higher in April from a year earlier, the cost of intracity transit such as buses and subways rose 5.6%, lodging cost 4.3% more, and eating out got 3.6% pricier.
