Monday, June 17, 2024

GasBuddy’s 2024 Summer Travel Survey Reveals Near-Record Road Trip Plans Amid Declining Gas Prices

by BIZ Magazine

May 20, 2024 – GasBuddy, the leading fuel savings platform in North America, today released its 2024 Summer Travel Survey results and forecast for Memorial Day travel. The survey reveals a near-record number of Americans planning to take road trips this summer as gas prices continue to decline ahead of the holiday weekend. GasBuddy estimates the national average will remain in the mid-$3 per gallon range throughout the summer, with potentially tens of thousands of stations falling below $3 per gallon over the next several months. The forecast predicts gas prices will average $3.58 per gallon nationally between Memorial Day and Labor Day.

Increased Road Trip Plans Among Americans

According to GasBuddy’s survey, 76% of Americans plan to take a road trip between Memorial Day and Labor Day weekends, an 18% increase from 2023. The average traveler has two road trips planned, with 49% expecting to drive five or more hours to reach their destination.

Popular Travel Holidays

Among major travel holidays, Memorial Day is the most popular, with 60% planning a road trip, followed by Independence Day at 45% and Labor Day at 34%. Over half (58%) of road trippers have already confirmed their plans by booking accommodations. GasBuddy expects July 4 to have the lowest gas prices, with Labor Day remaining uncertain due to hurricane season.

Gas Prices Influence Travel Plans

While road trips are favored, expenses significantly shape summer travel plans this year. According to the survey, 63% of respondents cited cost as their top consideration when planning trips, and 46% said high gas costs this year have impacted their itineraries. Despite the high costs, only 15% of respondents are considering purchasing an electric vehicle to alleviate fuel expenses.

Tips for Saving on Gas This Summer

Although gas prices won’t reach record highs this year, drivers can still save substantially on summer road trips using the following tips:

  • Use the GasBuddy app: Plan your next fill-up before running low and find the lowest-priced station on your route. Savings can range from 10 to 50 cents per gallon within a few blocks.
  • Mind the state lines: State gasoline taxes can vary significantly. Choosing the right side of the line can save you 25 cents to $2 per gallon.
  • Take advantage of loyalty programs: Many gas stations offer savings or introductory offers that can save up to 25 cents per gallon.
  • Consider how you pay: Pay with GasBuddy offers Deal Alerts with savings up to 25 cents per gallon. Cash discounts are also available at more stations this summer.

“It looks like it’ll be a busy start to the summer driving season, and while Americans gripe about the cost of gasoline, it doesn’t seem that too many are going to be deterred from hitting the road. Great news for those who are planning to travel: Motorists are likely to see more stations lowering prices to $2.99 per gallon or less as the summer wears on, and refiners ramp up output after finishing maintenance,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Hurricane season is a major wildcard for those hitting the road this summer, but absent a major storm in the Gulf, gas prices should not be much of a hindrance for those taking a road trip.”

To stay up to date on gas prices and save money on summer road trips, download the GasBuddy app or visit gasbuddy.com.

Methodology

GasBuddy’s 2024 Summer Travel Survey was conducted from May 3 to May 6, 2024, among a random group of GasBuddy users.

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