Fewer people expected to take vacations this summer

Rising gas prices to blame according to new study

Posted: May 23, 2018 10:40 PM
Updated: May 24, 2018 6:55 AM

MASON CITY, Iowa - Memorial Day weekend, the unofficial start of summer, is almost here. And while many may take vacations during the summer months, rising gas prices are forcing some families to reconsider that.

According to a new study from consumer website GasBuddy.com, about 58% of Americans are taking a vacation, a 24% decrease from last year. 39% of respondents says that the price of gas was their main reason behind their decision to stay closer to home and take 'staycations', compared to just 19% from last year.

Craig Fox and Jacob Anderson are planning to travel this summer, and say that even though gas prices are going up, they aren't deterred from traveling.

"We don't want gas prices to have to take out of other expenses. So we definitely put that in our budget," says.

"It's definitely a tight budget trying to make sure we have enough money to be able to make it and everything to...with the gas prices rising and everything, it's definitely...have to take a second look at it," Anderson adds.

Cole Schoeneman is originally from Washington state and notes that his parents have planned more trips closer to home to save money.

"And if you go to a certain place and you have to drive around, you have to rent a car, pay for all the gas and so they kinda budgeted and planned for closer places and find more local things that are easier on the budget, so it made it nicer," Schoeneman says.

GasBuddy is expecting the nationwide average to rise to $2.95/gallon by Memorial Day, a 65% increase from this time last year, and at its highest point since November 2014. The price increase comes due to a variety of factors, namely to production cuts, high demand, declining U.S. oil inventories, and the U.S. exiting the Iran nuclear deal.

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