GasBuddy revealed in a recent survey that the lower gas prices this Memorial Day weekend — $1.10 less than last year on average nationwide — may not be enough to get many Americans to travel this summer.
According to GasBuddy’s 2023 Summer Travel Survey, 64% of Americans are planning to take a summer road trip this year, up from 58% last year. However, 60% of that group has yet to confirm their plans by booking accommodations, activities or other travel plans.
After a grueling summer at the pump last year, it’s clear that Americans are tempted to get back out on the road. In fact, less than half of survey respondents (45%) said high gas prices were affecting their road trip plans this year — in 2022, that number was 70%. While gas prices might be in motorists’ favor, the costs of other travel essentials such as hotels and airfare remain elevated. Nearly 40% of people said inflation and high prices overall have caused them to rethink their travel plans this summer.
“While gas prices are far lower in most areas than they were last year, Americans seem to feel a bit worse about the economy this year on the heels of rising interest rates, the bank crisis and inflation that has spiked, impacting their ability to take a road trip during the summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the number of Americans planning on taking a road trip is higher this year, we’re finding that many remain cautious about the direction of the economy and thus have not yet cemented those plans in, with some hinting that price uncertainty is making things challenging.”
GasBuddy is a fuel savings platform providing North American drivers with ways to save money on gas. The company has delivered more than $3.5 billion in cumulative savings to its users through providing real-time gas price information at 150,000-plus stations, offering cash back rewards on purchases with brand partners and through the Pay with GasBuddy payments card.