The huge supply of gasoline in the market, and the resulting decline in gasoiline prices, has casued a boom in car travel.
Based on the most recent “Traffic Volume Trends” report from the Federal Highway Administration, Americans drove more in September of this year (about 264 billion miles) than in any previous September in US history. The number of total vehicle miles driven over the most recent 12-month period from September 2014 to September 2015 of about 3.12 trillion miles set a new record for that measure of US traffic volume. And the 3.4% increase in September’s 12-month total traffic volume over last year was the largest annual increase in that measure since 1997.
(via Mark Perry)