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Position: Auto Articles - [Auto News] - Soaring Cost of Fuel Lowers Memorial Day Weekend Travel
Updated: 04:55 p.m. EDT, May 23, 2008
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Soaring Cost of Fuel Lowers Memorial Day Weekend Travel

As the Memorial Day weekend opened Friday, May 23, the national average per gallon price of gasoline jumped from $3.831 to $3.875 overnight, according to figures compiled by AAA, setting the 16th record in a row.

Compared to one month ago, gas prices have jumped 10% with levels 20% higher than one year ago when Memorial Day travelers were paying $3.23 per gallon.

For the first time since 2002, there will be fewer Americans driving for the holiday weekend, with the number planning to drive 50 miles or more falling 0.9% to 37.87 million.

Approximately 12% of Americans will travel during the weekend with 83% of those planning to drive. That equals about 31.7 million people compared to 32 million for Memorial Day weekend 2007.

The number, however, may actually be smaller as the survey data used be AAA to make its estimates was collected during the last week of April when the per gallon price of gasoline was $3.50.

In some states, including Alaska, Connecticut, Illinois, New York, California, Hawaii, and Michigan, residents are already paying $4 on average. The only two states with gasoline under $3.70 are Wyoming and Arizona.

In a survey conducted by Deloitte and Touche over the period from May 12-14 with a sampling of 1,000 respondents, approximately 23% of Americans have changed their weekend plans due to the high cost of fuel. Some 12% canceled trips altogether with another 11% staying closer to home.




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