AAA released a statement saying that travel over the 4th of July holiday weekend will decline 1.9% this year due to the recession and high gasoline prices.
AAA reported to Bloomberg that the number of people traveling at least 50 miles away from their home will drop to 37.1 million from 37.8 million in 2008.
The nationwide average for gasoline has risen 65% this year. Even though gas prices have risen throughout the year, they still haven’t reached the record highs of last year. On July 17th, last year, gas was $4.114 per gallon. According to the data from AAA, this puts the gas prices of last year 34% higher.
James Cordier, portfolio manager at OptionSellers.com in Tampa, Florida had this to say:
“You have fewer people going to work now and a bunch of price-conscious consumers who are looking for vacations closer to home”
Bill Day, spokesman from the Valero Energy Corporation, which represents 1,000 retail locations, said that they are cautiously optimistic. The corporation is hoping lower gas prices from last year will encourage people to get out and drive.