Millions to hit the roads for the holiday weekend

Millions to hit the roads for the holiday weekend

Three million people are expected to fly - a 6.8 percent increase, and close to 2 million will get out of town on trains, buses and cruise ships, up almost three percent from past year.

More than a dozen other states tout a gas price average of $3 or more. So we're definitely going to see congestion.

AAA says that fifteen states, including New York, New Jersey and IL, are already facing $3 average gas prices or higher.

About 60% of new-car buyers say recent increases in gas prices have had no effect on the type of vehicle they're shopping for, according to Kelley Blue Book.

"It's been a bit of a bumpy road", he said. The average in the commonwealth was about $2.76.

Gas prices haven't been this high since 2014 and the climb isn't over yet.

Contributing factors are a recent rally in oil prices because of OPEC production cuts, the USA exiting the Iran nuclear deal, declining US oil inventories and high demand.

"We did a summer survey and 24 percent of those surveyed said they would do a staycation versus a vacation", said Dan McTeague, a senior petroleum analyst with Gas Buddy.

"Back to Econ 101 supply and demand", DeHaan said.

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In addition to production cuts, oil exports out of Venezuela have been falling - due in large part to ongoing political upheaval there, he said.

"Besides the pull of demand on prices in the summer, refiners have to replace cheaper blending components with more expensive ones in order to meet environmental regulations", Judith Dwarkin, chief economist at RS Energy Group, said in an email. "It's going to be really close".

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According to AAA, more than 41.5 million Americans will travel this holiday weekend, including automobiles, planes, trains, buses and cruise ships, a jump up from last year and the fourth consecutive year of travel volume growth.

Drivers around the country are seeing the highest Memorial Day gas prices in four years, and in New Jersey prices at the pump top $3 a gallon. "Trends are indicating that this summer is likely to bring the national average to at least $3/gallon".

If prices don't calm down, some drivers could decide to stay home rather than pay up at the pump.

"Oil prices climbed to new highs for 2018 last week, following President Trump's decision to reimpose economic sanctions on Iran and withdraw the United States form the Iran nuclear deal", said Farmer.

The three-day Memorial Day weekend in the United States marks the de facto start of the summer holiday season.

"Being in a hurry", he said, is the biggest mistake one can make when traveling. "We'll see some peak leisure traffic, particularly on some of our low-priced carriers". They stopped in Roanoke to fill up with gas.

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