Biden Administration Canceled Oil And Gas Drilling Lease Sale In Alaska

It’s a move creating quite the controversy here in Alaska: at a time when we are experiencing record high gas prices, the Biden administration has canceled an oil and gas drilling lease sale in our state. 

Supporters believe the lease could have helped lower our high gas prices by opening more than one million acres in Alaska’s Cook Inlet to drilling. In Anchorage today, we found the price of regular, ranging from $4.69 to $5.19  a gallon. But even with these record high prices, Kelly O’Grady reports the cost of gas doesn’t seem to be having an affect on American’s summer travel plans

 

Well, travel is defying the odds with soaring bookings. Delta just had its best month, record sales, Americans expecting to see business travel back at 90% of pre-pandemic levels by the summer. But Americans are bracing for rising prices, and inflation could impact how they travel.

 

Now, airline fares are up 33.3% year over year in April according to the latest inflation data released yesterday. But the number that’s particularly shocking is month over month. Airline prices jumped 18.6% in the month of April alone. That’s the highest jump we’ve ever recorded. But despite being forced to pay these higher prices, travel demand is still high. Airbnb’s revenue is up 80% over the same period in 2019 and a record 100 bookings.

 

And this particular listing is one of them. It’s worth $10 million and rents for roughly $10,000 a night. The biggest interest comes from extended family groups wanting a reunion. The owner got the idea during the super bowl, and the phone is still ringing off the hook.

 

Bell says: “after the super bowl was over, we’re still getting calls …. they want a nice place and they want to take a vacation, this is a good way to breakaway from their work …. people are getting free again, they’ve been waiting to get out.”

 

Now, that trend is driven by two main things. Not only are people leveraging the ability to work remotely, but after the pandemic, we’re restless and people are willing to pony up. In fact, an American express survey says that 86% of respondents are willing the spend the same or more on travel as they were pre-pandemic. But, rising prices could mean that demand could fall off:

half of U.S. travelers say rising transport costs could impact their travel plans in the next six months. In Naples, California, I’m Kelly O’Grady,  for Fox Business.