Expensive Gas Equals Less Driving

<p>Reflecting the power of market price signals in influencing behavior, the average American traveled fewer miles behind the wheel in 2005 -- the first time in 25 years.</p>
December 2, 2006, 11am PST | Christian Madera | @cpmadera
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"The drop in driving was small - the average American drove 13,657 miles (21,978.8 km) per year in 2005, down from 13,711 miles in 2004 - but it is more evidence that the market works and prices help control consumption, Boston-based Cambridge Energy Research Associates said."

"Growth in U.S. demand for gasoline slowed from an average 1.6 percent per year between 1990 and 2004 to 0.3 percent in 2005 and 1 percent in 2006, the report said."

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Published on Thursday, November 30, 2006 in CNN.com
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