Record 42 million Americans are expected to hit the road for July 4 despite surging gas prices

A record 42 million people around the United States are expected to hit the road for trips over the Fourth of July holiday weekend despite average gas price surging close to $5 per gallon.

The average U.S. retail price of gasoline recently broke through $5 per gallon for the first time in history, AAA said Tuesday. It is gone down slightly and is now averaging about $4.96. 

While the $5 price is not record from an inflation-adjusted basis, it still represents an increase of nearly $2 per gallon from a year earlier. Despite the higher cost, gasoline demand is only 1 percent below the average for this time of year in the United States.

The 42 million figure, should it pan out, would surpass 2019’s peak, when 41.5 million people traveled by vehicle on Independence Day, according to the