Gas prices reach tipping point — curbing summer road trips
Gas prices reach tipping point — curbing summer road trips
Gas prices reach tipping point — curbing summer road trips
Gas prices are changing summer travel plans across the region.
A survey conducted for CAA South Central Ontario found 64 per cent of drivers planning a road trip this summer responded that current gas prices will impact their choices.
The most common ways that they will compensate for higher gas prices:
Reduce the distance travelled
Reduce the number of road trips
Adjust other expenses in their travel budget
The survey also found many road trippers intend to be more flexible with their departure dates, aiming to travel during periods when prices are trending lower.
Kaitlynn Furse with CAA South Central Ontario said its further evidence that $2 per litre is a psychological barrier that impacts driving decisions.
“We’ve been wondering, at what price does that start to make a difference for people, and now we’re able to definitively say $2 a litre seems to be that number,” explained Furse.
According to Furse, 76 per cent of those surveyed still plan to road trip this summer — even if they have to modify plans.
“I think no matter what, people are eager to get out on the road, and it is generally still cheaper than flying off somewhere,” she said.
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Canada's year-over-year inflation rate slowed to 7.6 per cent in July, with the deceleration largely driven by a decline in gas prices. The inflation rate hit a nearly 40-year-high of 8.1 per cent in June, but economists were widely expecting inflation to have since slowed.
Canada's year-over-year inflation rate slowed to 7.6 per cent in July, with the deceleration largely driven by a decline in gas prices. The inflation rate hit a nearly 40-year-high of 8.1 per cent in June, but economists were widely expecting inflation to have since slowed.
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