3 On Your Side: 33 Million Expected To Hit Roads For Memorial Day Weekend
By Jim Donovan
PHILADELPHIA (CBS) -- Gas prices have slowly and steadily been climbing in recent weeks, though still far from what they were one year ago. This, as Americans prepare for the kickoff to the summer travel season. 3 On Your Side Consumer Reporter Jim Donovan takes a look at drivers' plans for the Memorial Day weekend.
After bottoming out in February, prices at the pump have been on a slow, but steady climb, just in time for the Memorial Day weekend, which ushers in the busy summer travel season.
Nancy White of AAA says, "They've been increasing slightly over the last few months, and in fact we're at the highest price point that we've seen so far this year."
According to AAA, some of the factors pushing prices higher, are simply seasonal, like more demand from summer drivers. Others are unique to the current global economy, like a bump in crude oil prices, the dollar slowing its strength versus foreign currencies, and an anticipated increase in oil demand from China.
Still, AAA expects an estimated 33 million travelers to hit the road, an increase of 5.3 percent over 2014, and the greatest volume in a decade.
White says, "The good news for the holiday weekend and for most of the summer is that prices are going to be the lowest they've been at in five years."
Also, it's not just the roads that will be busy this summer. Airline industry group Airlines for America says it expects a record 222 million passengers to fly between June 1st and August 31st, up nearly five percent over summer 2014.