Will High Gas Prices Determine Your 2022 Summer Travel Plans?
As you know, one of the big topics this spring (and beyond) has been the unbelievable rise in gasoline prices. Unfortunately, it's very believable, as much as we'd like to think it is just a nightmare, and we're waiting to wake up to prices back in the two-dollar range.
Just a year ago, in the Binghamton area, we were paying an average of three dollars per gallon of regular unleaded gasoline, and we thought that was high. According to the AAA Gas Price website, at the end of May 27th, crude oil moved above $115 a barrel due to several reasons.
Now that the summer travel season has begun with the Memorial Day weekend, traditionally gas prices rise due to the demand. As of May 31st, AAA lists the national average of gasoline at $4.622, the average in New York State is $4.927, and in the Binghamton area, it's $4.884.
Just last week, we high a record high at $4.891. A bit of relief is on the way for New Yorkers (barring any regular increases), with the suspension of some taxes on motor fuel and diesel motor fuel from June 1st through December 31st, 2022, according to the New York State Department of Taxation and Finance. Local sales and use taxes are not a part of this suspension.
So, just how much will you save per gallon with this tax suspension? About 16 cents, according to the New York State of Politics website. New York State counties also have permission to reduce their local gas taxes, and some have taken advantage of that permission.
Even with this lower price, will it impact your summer driving? Will many New Yorkers choose to do the staycation thing again, much as we did during the pandemic? My commute to and from work is short, but my weekend and vacation trips to camp are much further away.
I hope these high gas prices don't curtail my number of visits, but at this price, along with the increase in the price of just about everything else, that just might be the case.