I understand that gas, adjusted for inflation, is where it was in 1980.
Hamptons 2008: 'Magnificently Quiet'
WSJ.COM BLOG
Memorial Day weekend typically sets the tone for the summer travel and shopping season. This year, a weakening economy coupled with soaring fuel and food prices has Americans scaling back on travel and spending.
That much was obvious to Dede Gotthelf, who owns and manages the Southampton Inn on the east end of Long Island, one of the Hamptons? chicest spots.
?The roads were magnificently quiet this weekend,? she said. ?It was like someone turned back the clock? to days when the Hamptons were little more than a quiet summer vacation spot for families.
Fortunately for Ms. Gotthelf, her 90 rooms were all booked and she expects to stay full all summer (though she and others are in a bind thanks to a sudden shortage of seasonal workers). But she thinks the day-trippers who usually come to the Hamptons to eat, shop, and lounge on the beach are staying home ? and that?s bad news for local businesses.
AAA, the automobile group, estimates 360,000 (about 1%) fewer Americans traveled over Memorial Day weekend this year versus last year ? which would be the first decline since 2002, after the Sept. 11 attacks and the 2001 recession.
As of Monday, AAA reported the national average for unleaded gas to be a jaw-dropping $3.93.
?It?s the price of gas,? Ms. Gotthelf said. ?I just don?t see people cruising around in their BMW SUVs like they used to.? –Kelly Evans |
