NEW YORK — The highest number of Americans in seven years will travel by car over the Independence Day holiday weekend, and they’ll be paying for the most expensive fuel since 2008 with credit cards, according to a forecast by AAA.
About 34.8 million people plan to drive 50 miles or more from home during the five days ending July 6, up from 34.1 million last year and the most since 2007, AAA said in a statement. Gas prices are at their highest for this time of year in six years, AAA data show.
“Steady improvement in the economy has spurred increased consumer confidence and spending,” said Marshall L. Doney, chief operating officer for the Heathrow, Fla.-based motoring organization. “ Optimistic Americans are more willing to take on debt this year.”
Drivers will account for more than 80 percent of the estimated 41 million people that will travel over the holiday, AAA said.
Travel volume this year is forecast to be 6 percent higher than the average of the past 10 years.
The average price of regular gasoline at the pump was $3.68 a gallon on June 24, according to AAA data. That’s up 12.7 cents from $3.55 a year ago.
Brent oil, the international benchmark that’s the basis for imported crude and fuel prices, had gained 4.2 percent this month to $114 a barrel as of Wednesday on the ICE Futures Europe exchange. Fighting in Iraq has raised concern that supplies from OPEC’s second-largest producer may be disrupted.
Pump prices have increased 1.2 cent this month, heading for the first June increase since 2010.
The overall number of travelers will increase by 1.9 percent this year, while air travel is set to climb 1.1 percent to 3.1 million people, AAA said.
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