High Gas Prices Not Deterring Travelers This Weekend

High Gas Prices Not Deterring Travelers This Weekend

Motorists were paying $2.40 for gas in New Jersey at this time past year.

That news, from a panel discussion hosted by CNNMoney's John Defterios, helped send United States oil prices plunging 4% to $67.88 a barrel.

DeHaan said multiple factors play into rising oil prices - namely production cuts by the Organization of the Petroleum Exporting Countries, or OPEC, which took effect January 1, 2017.

But even as the prices are surging, there are ways to save at the pump. "And the air filter, make sure your air filter is good a clean". But this year travelers are facing the highest gas prices in four years. "High gas prices are starting to eat away at the travel plans of many, and the number will likely rise as gasoline prices appear poised to continue moving higher in the weeks ahead".

In California, a gallon of regular gas costs an average $3.73 a gallon today, compared to $3.10 a year ago, an increase of 20%.

Gas prices have been inching closer and closer to $3 through the month of may, with this weekend being memorial day weekend, it may slow down peoples' travel plans. He adds that Friday afternoon may well be the peak time as travelers and commuters share the roads. They stopped in Roanoke to fill up with gas.

With a humming economy, low unemployment and higher wages, the economic hit on tourism, economists say, shouldn't be as severe as some would think.

Airline industry expert Michael Boyd, who was the keynote speaker at a State of the Airport event there earlier this week, said fuel prices have not had any major industry impacts so far. That's nearly 2 million more than last Memorial Day weekend and the highest since 2005. Thanks to the rule of supply and demand, higher demand on the existing gasoline supply is leading to higher prices, CNN reports.

"We may be a bit immune to it because our tours are competitively priced and we offer an iconic experience", Mercer said.

Those numbers come from AAA, which reported that regular gasoline was going for $3.27 per gallon in the Tri-Cities on Wednesday, up from $2.75 past year this time.