If people are able to stay home this Thanksgiving holiday, they may want to consider it. At least, this is what it sounds like judging from reports released by AAA this week. The association says that Americans will be taking full advantage of low fuel prices and a better economy this holiday season.
AAA also said that the number of Americans who will be taking trips of at least 49 miles will be more than 46 million. This is the highest number of travellers for this holiday since 2007. It is also a 4.2 percent increase over last year’s numbers. Nearly 90 percent of the people who will be travelling plan to do so by driving. This is probably thanks to cheap petrol prices.
This huge jump in the number of people travelling for Thanksgiving is definitely thanks to the surge in production of domestic oil, which has helped create what experts are calling a global surplus of oil. This surplus has driven down the price of crude oil by nearly $30 a barrel. To put this into perspective, this drops the price of fuel by nearly 80 cents per gallon at the pump in the United States. Spending less on petrol will not just cause people to travel more, but IHS Inc. believes that it will boost consumer spending for Christmas.
Marshall Doney, the COO and president, said that Americans are becoming more optimistic about the future of the economy. This is thanks to improvements in several key areas: disposable income, GDP and employment rates. The boost in confidence is inspiring more people to travel this year. Many of these people have been waiting to travel, and they are going to take full advantage of it this year. Once again, a lot of this increase in confidence is coming from lower fuel prices, which are saving people a lot of money.
AAA has already projected that at least 41.3 million people will be driving over the Thanksgiving weekend. This makes up just over 90 percent of the total travellers. However, people are not just going to be driving, they are going to be flying as well. The number of air travellers is expected to jump to the highest it’s been seen since 2007, with nearly 3.55 million people flying. This makes up just about 7.7 percent of the total amount of traffic and represents an increase of about 3 percent compared to a year ago.