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Let's Hit The Road: Low Gas Prices Mean More Road Trips For Americans

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Let's Hit The Road: Low Gas Prices Mean More Road Trips For Americans

Lower gas prices are prompting Americans to indulge in more road trips this year versus last year, according to a study by GasBuddy.

The study showed that over 75 percent of respondents said "they would be traveling this summer, a 2.2 percent increase from last year, with an overwhelming majority (79 percent) doing so by car."

According to the release, "At $2.23, the current national average is almost 50 cents per gallon lower today than a year ago. In some states, the drop in even more dramatic — California's average price is over $1 per gallon cheaper than 2015."

Related Link: Municipal Bond ETFs Rebuff Weak Oil Prices

The survey found that over 56 percent will travel, on average, at least 400 miles round trip, while 36 percent are planning for two or more road trips.

"Motorists will be filling up their tanks with the cheapest summer gasoline since 2005 and we are finding that more people than ever will be taking advantage by hitting the road," Patrick DeHaan, senior petroleum analyst for GasBuddy, said in a statement.

"As we kick off driving season, gas prices will be nearly a dollar per gallon lower than the ten-year Memorial Day average of $3.15 per gallon. The incredible part is nationally, we'll be saving $2.6 billion over the long weekend versus the highest-priced Memorial Day weekend in 2011 at $3.78 per gallon," DeHaan added.

Posted-In: Gas Buddy gas prices Patrick DeHaan road tripsCommodities Travel Markets General Best of Benzinga

 

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