Reported about 1 year ago
A record-breaking 71 million Americans are forecasted to travel during the Independence Day holiday period, with 60.6 million estimated to drive and 5.74 million to fly, indicating a significant increase in demand as the summer driving season kicks off. This surge in travel provides optimism for oil traders, as a rise in fuel consumption could help tighten the US oil market and offset concerns about weak demand in other regions. Despite lower gasoline demand compared to previous years, the trend of increased travel and spending on experiences remains strong in the US, with air travel showing a notable rebound.
Source: YAHOO