Peak Driving Record Shattered
Drivers are on pace to top 3 trillion miles for the first time since 2007 — when drivers logged 3.031 trillion miles, the most in history — and just one of two years in which driving topped 3 trillion miles. As drivers buy more fuel-efficient vehicles, they also opt to drive more as the price per mile declines. [Rebound effect]
Shepardson reminds readers of the plummeting gas prices, suggesting that they may be at the root of Americans returning to the highways.
In more than half of U.S. states, gas prices have fallen below $2 a gallon and are down 40 percent since June to the lowest level in more than five years. [Average price of $2.066 as of Jan. 19 according to EIA]
Hat tip to Mike Keenly.