Energy & Environment
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Energy & Environment
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High gas prices may not pump the brakes on travel |
U.S. drivers are facing high gas prices over Memorial Day weekend but are not expected to hit the brakes en masse on their holiday travel plans.
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The national average gasoline price was about $4.55 per gallon as of Friday, driven up by the war with Iran. That’s more than $1.50 per gallon higher since the conflict began in late February.
Tom Kloza, chief oil analyst for Gulf Oil, estimated that drivers will spend approximately $7 billion on gasoline over the course of the long weekend, or about $2 billion more than they spent last year.
But he doesn’t expect people to travel less.
“We keep waiting for these signs of demand destruction,” Kloza said. “So far this year, we don't see that.
AAA projects that a record 45 million Americans will travel at least 50 miles away from home for Memorial Day weekend, including 39.1 million traveling by car.
That record car travel number is slightly higher than the 39 million who traveled last year. Similarly, the group projects that 3.66 million Americans will travel by plane, up slightly from last year’s 3.65 million.
AAA national spokesperson Aixa Diaz said that people may be undeterred by the high gas prices because of the importance of holiday travel in their lives.
“For people, travel has just always been so personal. It brings them joy. It's something to look forward to, and particularly post-COVID, we have seen record travel numbers,” Diaz told The Hill.
Read more when the story runs this weekend at TheHill.com.
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Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.
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How policy will affect the energy and environment sectors now and in the future:
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Louisiana Gov. Jeff Landry (R), who is serving as President Trump’s special envoy to Greenland, said Friday morning that the Danish territory could play a role in bringing down energy prices amid the Iran war after his “eye opening” visit there this week.
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Iran and Oman have discussed setting up a toll system to charge vessels transiting through the Strait of Hormuz, despite President Trump’s condemnation of charging fees to pass through the waterway.
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California Gov. Gavin Newsom is in a spat with a major oil company over who is to blame for the state’s high gas prices, with the Democratic governor’s office urging drivers not to fill up at Chevron stations over Memorial Day weekend.
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News we’ve flagged from other outlets touching on energy issues, the environment and other topics:
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Two key stories on The Hill right now:
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The Trump administration on Friday announced prospective immigrants would need to return to their home country to apply for green cards, a move that would stifle the most common pathway used for legal immigration. Read more
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Former Centers for Disease Control and Prevention (CDC) Director Robert Redfield said Wednesday he suspects the spreading Ebola outbreak in Africa will spread across three new countries and become a “very significant pandemic.” Read more
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You’re all caught up. See you Tuesday!
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