Crude hits record high as the holiday weekend approaches
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Crude oil futures have hit a record high of $144 dollars a barrel as the 4th of July, 3 day weekend, approaches.
According to the EIA, the average price of retail gasoline for the week of 06/30 was $4.095, up $1.136 from the same time last year, a 38% increase! The worst hit metro’s include LA and San Francisco with average gasoline prices touching $4.60 in California.
With gas prices continuing their ascent, it is expected that more travelers will be driving to nearby places versus taking long drives. Also, travel sites which offer a choice of discount hotel and airplane fares are expected to do well as consumers try to offset the extra expense at the pump with travel and accommodation deals. This is good news for companies like Orbitz, Expedia, hotels.com etc. and for mid cost hotels ( 3 - 4 star ) as consumers go bargain hunting.
The AAA predicts 40.45 million Americans will travel during the July 4th holiday weekend, down 1.3 percent from the 41 million who traveled in 2007. The forecast includes U.S. residents traveling 50 miles or more from home.
More than 34.2 million Americans — or about 85 percent of all holiday travelers — plan to travel by automobile. If you happen to be one of the 34.2 million automobile drivers on the road this 4th of July and want to find the cheapest gasoline as you travel, let GasBuddy help you save some green. Search the GasMap below for finding the gasoline prices in your area.
iMediaPress wishes you all an enjoyable 4th of July weekend: have fun and drive safe!
