Home / Business and Economy / Holiday Travel Soars as Gas Prices Hit 4-Year Low
Holiday Travel Soars as Gas Prices Hit 4-Year Low
22 Dec
Summary
- Over 122 million Americans are projected to travel for the holidays.
- Gas prices have reached their lowest point in four years.
- Domestic flights will carry over eight million travelers.
This holiday season, millions of Americans are enjoying a significant financial advantage due to falling gas prices. Projections from AAA indicate that 122.4 million individuals are expected to travel at least 50 miles from home during the period of December 20 to January 1. This year marks a notable decrease in fuel costs, with the national average for a gallon of gas recorded at $2.855 on December 22, reaching its lowest point in four years.
While air travel remains a popular choice for over eight million Americans undertaking domestic flights, the overwhelming majority are opting for road trips. A staggering 109.5 million Americans are anticipated to travel by car. This surge in vehicular travel is directly influenced by the favorable fuel prices, offering a more budget-friendly option for year-end holiday journeys across the country.
The current average gas price stands well below previous highs, offering a stark contrast to the record average of $5.016 recorded on June 14, 2022. With eleven states reporting gas prices below the national average, travelers are finding even greater savings. This economic relief at the pump is expected to significantly impact the overall holiday travel experience for millions.
