News Number of the Day Will Gas Prices Put Summer Travel Plans on Ice? Number of the Day: The most relevant or interesting figure in personal finance By Terry Lane Terry Lane Twitter Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina. learn about our editorial policies Updated on May 26, 2022 Fact checked by Helen Reis Fact checked by Helen Reis Helen is the senior news editor for The Balance and a veteran journalist with more than 17 years of experience, mostly in business and finance news. She is passionate about making complicated topics easy for everyone to understand and compulsive about accuracy and transparency. learn about our editorial policies That’s how many GasBuddy users said high gas prices are impacting their summer travel plans, up from 46% last year. As the Memorial Day holiday unofficially kicks off summer this weekend, gas prices continue to hit record highs, reaching a national average of $4.60 a gallon on Wednesday—over $1.50 more than this time last year, according to AAA. Not surprisingly, the recent spike is affecting far more summer plans this year than last year, according to a survey of people registered to use GasBuddy, an app that tracks station prices. Still, there are just as many people (a few more, actually) who are planning at least one road trip this year: 58% of those surveyed this year, compared to 57% last year. “Against a backdrop of gas prices that have continued to set new records ahead of Memorial Day, Americans have been resilient in their desire to hit the road, but we’re certainly seeing increased hesitancy,” Patrick De Haan, head of petroleum analysis for GasBuddy, said in a recent press release. Gas prices have spiked more than $1 a gallon, or 30%, since Russia invaded Ukraine on Feb. 24, and may very well keep going up. International sanctions against the oil-producing country have undercut the global supply of oil and the products made from it, like gasoline. Meantime, U.S. oil refineries haven’t been able to produce enough gas to keep up with increased demand for the summer driving season. Have a question, comment, or story to share? You can reach Terry at tlane@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning! Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. AAA. “AAA Gas Prices.” GasBuddy. “More Americans to Hit the Road This Summer Even as Gas Prices Hit New Records.”