For Immediate Release:
July 22, 2010
Contact: Brian Dries
Summer Travel Costs Down 35% for Philadelphians
Controller’s monthly economic report looks at lower fuel costs
& City’s spike in unemployment rate
PHILADELPHIA – With summer travel underway, Philadelphians are paying 35 percent less at the pump this summer than they were two years ago, according to City Controller Alan Butkovitz’s monthly economic report released today.
In July 2008, motorists were paying an average of $4.12 for a regular gallon of gas compared to the current average of $2.70.
For City travelers heading to Wildwood, NJ., round-trip fuel costs are almost $9 less for those traveling in an SUV, $6.30 less for a compact car. A round trip to the Pocono Mountains cost almost $10 less for Truck owners; $10.50 less for a sports car.
While fuel costs are down this summer, traveling may not be as likely due to Philadelphia’s 11.8 percent (May) spike in unemployment, marking the highest rate for the City since the recession began. It’s also the highest rate since March 1976.
The City’s unemployment rate stood at 11.1 percent the previous month. May is the most recent month for local unemployment rates.
The Controller’s economic report is compiled on a monthly basis and includes an Economic Snapshot and Forecast, as well as real estate information and other local statistics. These reports are circulated every month to assist key decision makers in understanding and anticipating local and national economic trends.
The Economic Snapshot presents key economic data for the United States, the Greater Philadelphia Region, and the City of Philadelphia. The Economic Forecast is a collection of projections from prominent economic institutions and an analysis of their forecasts of future economic performance. Both of these documents are a useful tool for policy makers and analysts in understanding our city’s and country’s economy.