Americans Take "Vacations" at Home

For Americans, summer used to be synonymous with road trips. Escalating fuel prices coupled with a downtrodden economy have aided in deflating this American pastime. Demand for gasoline plummeted 3.9 percent this summer driving season compared with a year ago, according to a Wednesday report from MasterCard Advisors.

Americans have driven 53.2 billion fewer miles than they did during the same period last year, accounting for a driving drop more massive than was seen during the 1970s oil crisis.

The summer driving season lasts from Memorial Day to Labor Day. As we were faced with ballooning gas prices, it comes as no surprise that retail sales at the pumps dropped by 2.5 percent this year, compared with the same period last year. Fewer Americans traveled during Memorial Day, Fourth of July and Labor Day, according to a survey by AAA.

In addition to cutting back on gasoline, Americas have been taking “staycations,” or vacations at home, in effort to save money.

As the world’s largest oil consumer, we need to find a way to escape the suffocating grips of OPEC. Our dependence on oil is altering the way we live, as oil prices are encompassing every part of our daily lives. While we have seen oil prices significantly decline recently, OPEC‘s upcoming meeting in Vienna could signify further hardships, as they are expected to raise oil prices.

Source Reuters:

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