More drivers this summer, but below 2007 peak as gas prices rise

According to the American Automobile Association (AAA), 32.4 million Americans are planning to travel over the Memorial Day weekend. While this represents a 1.5 percent rise over last year's 31.9 million, it is far below the massive 35.3 million who traveled during the holiday weekend in 2007.

It's not hard to see why numbers are down since 2007. Of the 32.4 million who are leaving town this weekend, 27 million will be traveling by car. Average gas prices are hovering around $2.36 per gallon, far below last year's $3.94 per gallon; however, even this comparatively low price represents an increase of about 30 cents over the past month. For many consumers, the rapid price increases of the past couple of years are still fresh memories, and it isn't hard to imagine the cost of fuel quickly accelerating upward as May turns to June and thoughts turn to the beach.


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