Thanksgiving travelers to pay lower gas prices | Business News

Thanksgiving travelers to pay lower gas prices

23 Nov 2015 | Author: | No comments yet »

AAA: 46.9 Million Americans to Travel for Thanksgiving.

FLORHAM PARK, NJ – AAA Travel forecasts that 46.9 million Americans including 1.1 million in New Jersey, will be traveling 50 miles or more from home during the Thanksgiving holiday, a 0.6 percent increase over the 46.6 million who traveled last year and the most since 2007. Despite improvements in the economy including steady wage growth, rising disposable income and a falling unemployment rate, consumers remain cautious about their finances, according to AAA. However, gas prices remain well below 2014 levels, providing an early holiday bonus to the more than 89 percent of holiday travelers driving to their destinations. “Motorists will likely pay the lowest Thanksgiving gas prices since 2008,” said Lewis. “These lower prices are helping boost disposable income, allowing families to kick-start the holiday season with a Thanksgiving getaway.” Drivers nationwide continue to experience significant yearly savings in the price of gas and AAA estimates that consumers are saving nearly $265 million on gasoline every day, compared to a year ago.

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