It's A Record-Setting Year For Air Travel

United States airlines will have a record-breaking year in profits. Data from the U.S. Department of Transportation, from July to September, reveals that the largest airlines reported net income of $9.3 billion, up from $3.1 billion in the same period of 2014.

The high profits received a boost, mainly due to fuel costs falling to 35 percent in the past year, to $1.32 a gallon.

According to the International Air Transport Association, 38 million passengers are expected to travel worldwide between December 18 and January 3. U.S. airlines have reported operating revenue of $45.2 billion in the third quarter, compared with $45.3 billion in the same period a year earlier.

In the US, more than 90 percent of travelers (91.3 million people) will drive to their holiday destinations, an increase of 1.4 percent over last year, according to AAA. Air travel is expected to increase by 0.7 percent, with 5.8 million Americans flying to holiday destinations. Travel by other modes of transportation is forecast to increase 2.4 percent, to 3.4 million travelers.

Buyer's Market, With Travelers Having Plenty To Gain

Holiday travelers over the year-end will also have a more reason to be joyful this season. Travel is expected to reach 100 million for the first time with the current rising income levels and significantly lower gas prices.

CBS News travel editor Peter Greenberg told "CBS This Morning" last Friday, "We have a weakened euro against the U.S. dollar ... we have fuel prices at a seven-year- low and of course, the recent terrorist attacks in Egypt and in Paris."

The American Automobile Association (AAA) highlighted that nearly one in three Americans will take a trip this holiday season, representing a 1.4 percent increase over last year and the seventh consecutive year of year-end holiday travel growth.

A survey of more than 44,000 travelers worldwide cited that the airline industry can still expect demand to continue to remain strong. At the Macau International Airport (MIA), a formal celebration ceremony was held by the side of the airstrip on Tuesday to commemorate its new annual record of 5.5 million passengers.