Gas prices expected to affect travel plans for summer vacations

Updated: May. 21, 2018 at 7:01 AM CDT
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(KFVS) - If you're planning to travel you may want to factor in gas prices to your budget.

According to GasBuddy's 2018 Summer Travel survey, the rising prices are making summer travel difficult and more Americans are planning staycations as a result.

The survey said only 58 percent said they will take a road trip this summer. That is a 24 percent decrease from last year according to the site. While 39 percent cited high gas prices for impacting their summer travel decisions, compared to 19 percent in 2017.

GasBuddy said the national average gasoline price is at its highest point since November 2014 due to a recent rally in oil prices because of long-term OPEC production cuts, the U.S. exiting the Iran nuclear deal, declining U.S. oil inventories and high demand.

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Prices are expected to hit $2.95 per gallon on Memorial Day, a 65-cent increase over Memorial Day last year, costing motorists $1 billion more from Thursday to Monday alone. The impact of high gas prices will be felt well beyond Memorial Day. "

GasBuddy's 2018 Summer Travel Survey Highlights:

  1. Take trips closer to home. Only 31 percent will be driving more than 500 miles round trip, compared to 56 percent in 2017.
  2. Twenty-five percent fewer people plan to take trips longer than one week this summer compared to last year, while weekend trips are up 17 percent.
  3. With higher gas prices this summer, the number one road trip fear is overpaying at the pump, followed by the car breaking down and needing to use a restroom but unsure of which gas stations have clean facilities.
  4. The top 3 factors when choosing a pit stop include: (1) convenient location, (2) gas prices and (3) curb appeal.

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