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Friday, July 18, 2008
AAA Travel Professionals Say Travelers Adjust Plans in Response to Rising Gas Prices
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WASHINGTON, July 18, 2008 /PRNewswire-USNewswire via COMTEX/ ----Travelers will change plans, but won't shy away from travel overall
Two new surveys of AAA travel agency and auto travel managers reveal that rising fuel prices are affecting Americans' travel plans this summer. From one-on-one interactions with AAA members, 95 percent of AAA auto travel managers say that high gas prices will cause travelers to alter their vacation plans this summer. AAA auto travel managers cited travelers taking trips closer to home, taking fewer trips, and reducing the number of vacation days traveled as the top ways that Americans will adjust their travel plans this summer.
When asked about destinations that most frequently provide the most attractive bargains or best values for summer travel, AAA travel agency managers identified the following: Las Vegas; Orlando/Walt Disney World, Fla.; Branson, Missouri; Anaheim/Disneyland; and San Francisco. International destinations identified as best for bargains and value are: the Caribbean; European Cruises; Punta Cana, Dominican Republic; South America; and Costa Rica.
When comparing AAA's 2007 and 2008 summer travel surveys, AAA travel agency managers identified the following locations as this summer's top five domestic and international vacation destinations:
Domestic by air: (Excluding Canada & Mexico) 2008 2007 1. Orlando 1. Orlando 2. Las Vegas 2. Las Vegas 3. New York 3. Seattle 4. Los Angeles 4. New York 5. Washington, D.C. 5. Los Angeles/ Orange County International by air: 2008 2007 1. Rome 1. Rome 2. London 2. London 3. Cancun 3. Vancouver 4. Dublin 4. Cancun 5. Vancouver 5. Paris
In addition, domestic "hot spots" for this summer include: New Mexico; San Antonio, Texas; Albuquerque, New Mexico; Oregon; and Miami/South Beach. International "hot spots" include: Croatia; Montenegro; Vietnam; Cinque Terra, Italy; and Douro River, Portugal.
AAA is the largest full service, leisure travel agency in North America, generating more than $4 billion in sales. Travelers can access full-service travel planning at 1,100 AAA retail offices and on AAA.com. In addition, AAA is the premier provider of travel information and trip planning tools including print and online versions of maps, TourBook(R) guides, TripTik(R) routings, and low member pricing on reservations at AAA Diamond Rated hotels.
As North America's largest motoring and leisure travel organization, AAA provides more than 51 million members with travel, insurance, financial, and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at www.AAA.com.
AAA news releases can be downloaded from www.AAA.com/news.
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SOURCE AAA
http://www.AAA.com
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No, it's not a dance craze. Contago is a condition of supply and demand, essentially a fancy word to say that prices for items, typically commodities, are cheaper now than they would be at some point down the line.
Anything that¿s sold in the futures market can be in a case of contango. Futures are exactly that: a contract to buy an item or asset at a price in the future. This is the case with oil, with traders buying and selling contracts to acquire a barrel of oil in months down the line. When a market is in contango, spot prices, or the price of a commodity if you were to buy it right now, are lower than forward prices.
Why is that important? Well, it usually tells you the supply of a given commodity is plentiful (since, according to Economics 101, a large supply usually leads to cheap prices).
Incidentally, if you think contango is a mouthful, its opposite condition is known by the equally tongue-tying term backwardation.
