More Americans than ever will be traveling this weekend to celebrate America’s birthday. According to AAA, 43 million Americans will travel over 50 miles from home this weekend, an increase of 1.3% from last year. Of those 43 million people, 36 million (84%) will drive to their destination.
Lower gas prices are fueling the increase in traveling this Independence Day. The national average price of a gallon of gasoline is $2.31, $0.47 lower than Independence Day last year and the lowest for the holiday in over ten years. In fact, despite the recent increase in gas prices, Americans have accrued $20 billion in gas savings so far this year compared to the same period last year.
Finally, through the barbecues, boating, and fireworks, let’s not forget why we are able to celebrate America’s birthday. Make sure to take a minute to remember our courageous soldiers and veterans who have sacrificed so much to defend our freedom.
Happy 4th everyone!
Chris Milligan is a Research Analyst at Alpha Omega Wealth Management. Chris is a member of the firm’s investment committee and a Chartered Financial Analyst (CFA) Level III candidate. For feedback or questions regarding this blog post, please contact Chris at email@example.com.
The information contained in this post should not be considered a recommendation to buy or sell any of the securities mentioned.