AAA Travel projects that 50.9 million Americans will travel 50 miles or more away from home this Thanksgiving holiday weekend, an increase of 1.6 million travelers compared with last year. Car rental rates will hit a five-year holiday high at $70 per day.
More than 103 million Americans — the most on record — are expected to travel for the year-end holidays, an increase of 1.5% or 1.5 million more people traveling compared with last year.
For this week’s Thanksgiving holiday weekend, AAA projects 46.3 million Americans will travel 50 miles or more from home, an increase of 4.2% from the 44.4 million who traveled last year.
Despite the continued turmoil in the Middle East, the U.S. average retail price has fallen 15 out of the last 17 days. Experts believe that this trend will continue for the rest of August.
Retail gas prices appear to be across the board as the Great Lakes region sees pump prices above $4 per gallon. On the other hand, diesel prices have remained more stable.
The Department of Energy stated that Phillips 66 is estimating it could take two to three weeks before its refinery in Linden, N.J. can resume operations. As well, to help clean up and repair infrastructure in the Northeast, the Department of Transportation has released funding to several states.
As the market adapts to an era of restricted supply, car rental companies hone the process of buying and selling cars to keep fleet costs in line.
In 2011, compared to prior-year results, the program saw significant cost reductions and revenue enhancements through enhancing operational efficiency, driving incremental revenue, reducing fleet depreciation and fleet maintenance costs, and improving the Avis and Budget customer experience.
Ricky Beggs, managing editor of Black Book, presents the Oct. 31 edition of "Beggs on the Used Car Market." In his weekly video, he discusses the performance of the various car and truck market segments, and the possible role of changing fuel prices.
The national average of $3.62 per gallon is almost $1 per gallon more than a year ago.
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