Multiple agencies are reporting an expected record number of travelers this holiday season, with the Transportation Security Administration (TSA) expecting 30 million airline passengers and AAA forecasting over 55 million total travelers across different modes of transportation. In addition, with OPEC+ members meeting this weekend, concerns around gas prices come into question.
AAA Northeast Senior Manager Robert Sinclair joins Yahoo Finance to discuss the impact of gas prices across the different modes of transportation — fliers and drivers — and how gas prices are affecting consumer's wallets.
"We did a survey asking what the pain point was for gasoline, during a better economy, during 2018, 40% of drivers said $3.00 a gallon. And they don't have the elasticity in their budgets to deal with fluctuating gasoline prices, particularly from last year into this," Sinclair expounds on gas demand. "So we're seeing that demand is down 3% this year compared to last. Gasoline was more expensive last year but we're buying less now. I think that's a strong indicator of what's happening with personal finance and being able to deal with it."
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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