TOPSHOT – This photo taken in Paris on February 27, 2024 shows the Eiffel Tower lit up at sunset. (Photo by Dimitar DILKOFF/AFP) (Photo by: DIMITAR DILKOFF/AFP, Getty Images)
(NewsNation) — The United States is poised for a record summer when it comes to driving and flying during the holidays. And that's good news for the world's largest consortium of oil producers.
According to OPEC's latest announcement, “the United States continues to maintain steady momentum and could exceed current annual growth projections.”
The national average price of regular unleaded gasoline could reach $4 a gallon by summer, according to AAA and JPMorgan. This would be the most expensive gasoline since August 2022, when the average price approached $5.
“We think it's unlikely that the national average will be $4 a gallon in 2024,” said Patrick de Haan, an oil analyst with the website GasBuddy.Some experts disagree.
The national average price for a gallon of Triple-A gas on Friday was $3.63. It's 24 cents more expensive than a month ago, but only a penny more expensive than a year ago.
While gas prices may force many people to choose destinations closer to home, budget travelers may be in the minority this year. Vacation travel is in high demand and prices are skyrocketing.
“If you thought travel would be busy and expensive in 2023, 2024 is going to be crazier than ever,” said Kari Moran, a Seattle-based travel agent.
“Flight tickets are back to pre-pandemic prices. Europe, especially Italy, is already busy for the summer. $1,000 per night for a decent one located in the heart of a touristy area We need a budget.”
She said many travelers are cutting back on air travel to compensate for higher fares, taking “premium coach” instead of business class, taking shorter trips or spending a week on cheaper fares. He is said to be on a plane midway through the year.
Moran also said highway traffic is expected to be as congested as it was before the pandemic.
“National parks are great, if you can book a room. Flexibility is my keyword on all trips. Pack your patience.”
