When gas prices fall, discretionary transit riders also spend less on transit according to an analysis of credit and debit card bills by the JP Morgan Chase Institute.
"For every dollar saved from lower gas prices at the pump, households decreased their spending on transit by some 14 cents,” stated Diana Farrell, president and CEO of the JPMorgan Chase Institute, a separate research arm of the bank.
transit ridership in Chicago.
"In the two months that fuel prices have been well below $3 we have not seen any significant shifts on either the rail side or the bus side," says Brian Steele, a spokesman for the Chicago Transit Authority.
Indeed, CTA experienced a record number of rail passengers last year, but also saw bus ridership drop.
There may be better data for how higher gas prices affect transit ridership, according to Marshall-Genzer.
Perhaps the JP Morgan Chase Institute could chart a relationship between transit payments and payments to transportation network companies like Uber and Lyft next as they would seem to be likely beneficiaries during Metro's service disruptions.
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