But with 37 million travelers expected on the nation’s roads this holiday weekend — and nearly 3 million of those folks in D.C., Maryland and Virginia — higher gas prices have not put a damper on holiday travel.
Paul Brandus of West Wing Reports and Dow Jones MarketWatch explains part of the increase.
“Simple ECON 101, supply and demand,” Brandus tells WTOP. “You’ve got these big global producers — the OPEC nations, the Russians — [who] agreed about a year and a half ago to cut production for the first time in a decade. I think that that has happened … and then on the demand side, people are simply using more. You’ve got the entire global economy growing in sync for the first time —U.S., China, Europe. That means greater demand.”