Millions are expected to hit the roads this weekend for what is expected to be a busy holiday weekend despite near-record high gas prices.
Roughly 25% said they plan to travel for the Easter or Passover weekend this year, including 29% of millennials, according to a spring travel report from the travel site TripAdvisor. United Airlines said it is expecting a 70% spike in travel both Friday and Monday compared to the same days last year.
People traveling by car can expect to pay a lot at the pump. Gas prices in the United States steadied at a national average of $4.07 a gallon on Friday, according to AAA, down more than 20 cents from the previous month’s average of $4.31 but still near the highest on record.
Companies have predicted a busier-than-average spring travel season, as many cities begin to lift travel restrictions or other requirements for indoor gathering implemented during the height of the COVID-19 pandemic.
Delta Airlines CEO Ed Bastian told CNBC last month that March was Delta’s best month ever for bookings, both for March and for upcoming trips. “Demand is phenomenal,” Bastian told CNBC. “This is continuing in April. Consumers are ready to go.”
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Gas prices in the U.S. rose to record highs last month following Russia’s invasion of Ukraine, although prices were higher in 2008 when adjusted for subsequent inflation. Recent steps taken by the Biden administration, including the planned release of 180 million barrels of oil from its strategic reserves, have helped bring costs back down, though gas costs remain above $4 a gallon.
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The prices do not appear to be deterring many from their travel plans, Bastian told investors on a conference call last month. “There are clear signs of pent-up demand for travel and experiences as consumers’ spending shifts from goods to services and experiences, travel restrictions lift, and business travelers continue to return to the skies,” he said.
