The lowest gas prices in a decade will fuel a record number of Independence Day holiday motorists, putting millions more behind the wheel than onMemorial Day , according to AAA.
Nearly 43 million Americans will travel from June 30 through July 4, which would set a record for the holiday weekend and amount to 5 million more travelers than the Memorial Day holiday, according to AAA.
The average gallon of gas now costs $2.31, down 47 cents from a year ago and the lowest price for the holiday weekend since 2005. The decrease comes as drivers have already saved $20 billion on gasoline this year compared to 2015, according to AAA.
More than 36 million people, or 84%, will drive to their destinations this year, an increase of 1.2% over last year, according to AAA. About 3.3 million will fly, up 2.2%.
“We are well on our way for 2016 to be a record-breaking year for summertime travel,” said Marshall Doney, CEO of AAA.
“This defies the general consensus on Main Street that prices rise ahead of major holiday travel,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.
Europe should also be cheaper when U.S. travelers get there. The United Kingdom’s vote last week to leave the European Union hurt those currencies, hurling the British pound to a three-decade low against the U.S. dollar. The pound traded about $1.33 to the dollar Tuesday. The euro plummeted from $1.14 to $1.09 the day after the vote.
Airlines project record summer travelers, with 231 million flying from June 1 through Aug. 31, according to the trade group Airlines for America . The top five destinations throughout the summer are Los Angeles, Chicago , Denver, Las Vegas and Atlanta, according to the group.
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