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OIL: US Expecting Record Travel During Jul 4 Holiday Period

OIL

A record 71 million Americans are expected to travel over the July 4 holiday, which if realised is likely to boost oil and fuel prices. 

  • The number of Americans driving 50 miles or more from home from June 29 to July 7 is expected to rise 4.8% y/y to 60.6 million, according to the American Automobile Association cited by Bloomberg. 
  • Another 5.74 million are forecast to fly during the period, an increase of 6.9% y/y.
  • Growth in travel in the US has remained resilient even as wage growth loses steam and pandemic savings dwindle, according to AAA. “People may be willing to cut back on goods, but they’re not cutting back on experiences,” said spokesperson Aixa Diaz.
  • Gasoline demand however has been muted so far this summer. EIA showed U.S. gasoline demand was 9.04mbpd in the first week of June, 1.7% below last year and seasonally the lowest since 2021. Growth in gasoline demand is likely limited by greater vehicle efficiency.
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