U.S. Travelers Defiant Amid Record-High Gasoline Prices

June 30, 2022--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--U.S. motorists are still expected to hit the road in droves during the upcoming Fourth of July holiday, despite soaring retail gasoline prices, according to AAA.

The travel club anticipates that some 42 million people will travel more than 50 miles by road for the upcoming holiday weekend. That would set a record if forecasts prove accurate.

And it comes at a time when inflationary pressures, led overwhelmingly by the price of commodities such as crude oil and gasoline, are pushing the U.S. economy toward recession. While off the peak of $5.01 per gallon set June 14, retail gasoline prices were still high at $4.87 per gallon as of Wednesday.