Soaring Prices And Declining Fuel Demand Will Halt Holiday Travel

Back to HomePage
Updated: 11:10 AM Jul 1, 2008 Soaring Prices And Declining Fuel Demand Will Halt Holiday Travel The United States Energy Department released a report showing U.S. fuel demand dropped to the lowest level since January 2007. Experts expect families to travel less this holiday weekend due to the soaring gas prices. Posted: 4:03 PM Jun 29, 2008

Font Size:

June 29, 2008

The United States Energy Department released a report showing U.S. fuel demand dropped to the lowest level since January 2007. A decline in American’s demand for gasoline kept record prices from soaring even further this week.

Consumption in the month of June decreased 5%, and The Energy Department forecasts U.S. demand will continue to decline due to record crude oil prices and a weakening economy. The price of crude oil has surged 98% in the past year, while gas prices have climbed 33%.

This weekend marks the beginning of a vacation week for many people who will take the week before the Fourth of July holiday weekend to enjoy a getaway with family and friends.

“AAA believes that motorists will travel closer to home this year in light of record gas prices, but they won’t eliminate travel altogether,” said Martha M. Meade, Manager, Public and Government Affairs, AAA Mid-Atlantic.

AAA expects retail fuel prices to remain near current levels as the Fourth of July holiday weekend approaches.

Latest Comments

Posted by: jim Location: charlottesville on Jun 30, 2008 at 01:15 AM

time for more bike paths to ease area commuting

Posted by: jim Location: charlottesville on Jun 30, 2008 at 01:09 AM

petroleum industry insiders say that gas will likely reach 8 dollars a gallon in three years--does virginia have a state wide plan to deal with this? NO they do not and the public needs more than the usual empty words and deceptive rhetoric

Click here to post or read all 2 comments.