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Record number of travelers to hit U.S. roads for July 4 weekend -AAA

(Reuters) - A record 42 million people around the United States are expected to hit the road for trips over the July 4 Independence Day weekend, AAA said Tuesday, absorbing...
Record number of travelers to hit U.S. roads for July 4 weekend -AAA © Reuters. FILE PHOTO: Traffic is seen along the Strip on Memorial Day in Las Vegas, Nevada, U.S., May 31, 2021. REUTERS/Bridget Bennett/File Photo/File Photo

(Reuters) - A record 42 million people around the United States are expected to hit the road for trips over the July 4 Independence Day weekend, AAA said Tuesday, absorbing historically high fuel costs to crowd the highways.

The average U.S. retail price of gasoline recently broke through $5 per gallon for the first time in history. While that is not a record from an inflation-adjusted basis, it still represents an increase of nearly $2 per gallon from a year earlier. Despite the higher cost, gasoline demand is only 1% below the average for this time of year in the United States.

The 42 million figure, should it pan out, would surpass 2019's peak, when 41.5 million people traveled by vehicle on Independence Day, according to the American Automobile Association.

Including air travel, 47.9 million people are expected to travel 50 miles or more from home during the holiday period, just 2% less than 2019's 49 million, but surpassing 2021's levels, the travel membership organization said.

“The volume of travelers we expect to see over Independence Day is a definite sign that summer travel is kicking into high gear,” said Paula Twidale, senior vice president of AAA Travel. “Earlier this year, we started seeing the demand for travel increase and it’s not tapering off."

Through April, cumulative vehicle miles traveled for 2022 totals 1.017 trillion vehicle miles, a rate that trails only 2019 and 2018 in terms of pace, according to the U.S. Department of Transportation.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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