Prices at the pump aren’t stopping spring breakers this year, according to AAA.
“People have been cooped up because of COVID for a couple of years now,” AAA spokesperson Robert Sinclair told FOX Business’ Jeff Flock. “They’re ready to break out.”
But travelers nationwide will find road trips and hotel stays burning a bigger hole in their wallets than usual. The national gas price average sat at $4.30 Wednesday, up from $2.87 one year ago.
“So far, no mass exodus from those plans as a result of higher gasoline prices,” Sinclair noted.
OIL PRICES TURN LOWER GIVING UP OVERNIGHT GAINS
The Department of Energy updated its forecast that U.S. oil production will ramp up to 22 million barrels per day in 2022, compared to 11.2 million barrels in 2021, signaling more supply will soon enter the market.
While Lipow Oil Associates President Andy Lipow warned oil prices will impact the price of other consumer goods, he predicted big-box retailers like Costco and Sam’s Club to lead the way for cheaper gas.
“I think that the national average gasoline price will drop 20 to 25 cents to $4.10,” Lipow told FOX Business. “I expect diesel prices to fall 60 to 65 cents to $4.50 and maybe more – much more.”
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But along with gas, vacation rentals are seeing a spike in pricing, with coastal destinations up more than 16% and mountain locations up nearly 20%, according to data obtained by The Wall Street Journal from AirDNA.
However, there are still some ways to save money at the pump, Mack Energy Corporation government affairs director Claire Chase pointed out on “Mornings with Maria” Wednesday.
“A warm engine runs more efficiently than a cold engine, so plan for your errands, try to run them all at once,” Chase explained. “Sort of the regular driving tips, don’t jam on the brakes, or accelerate super fast, you’ll save some gas.”
“But really,” she added, “what we need is to allow American energy producers to get all of our stuff back online.”