Drivers cut back - a 1st in 26 years

[bananas]

http://www.usatoday.com/printedition/news/20070518/1a_lede18.art.htm

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Drivers cut back - a 1st in 26 years
Price of gas only one of the reasons

By Paul Overberg and Larry Copeland
USA TODAY

The average American motorist is driving substantially fewer miles for the first time in 26 years because of high gas prices and demographic shifts, according to a USA TODAY analysis of federal highway data.

The growth in miles driven has leveled off dramatically in the past 18 months after 25 years of steady climbs despite the addition of more than 1 million drivers to the nation's streets and highways since 2005. Miles driven in February declined 1.9% from February 2006 before rebounding slightly for a 0.3% year-over-year gain in March, data from the Federal Highway Administration show. That's in sharp contrast to the average annual growth rate of 2.7% recorded from 1980 through 2005.

"You have demographic shifts, traffic congestion and increased gas prices," says Ed McMahon, senior research fellow at the Urban Land Institute, a non-profit group that promotes innovative development. "For the first time in recent history, the rate of vehicle miles traveled is not increasing at the rate it was for 25 years. It's having an effect and is changing in subtle ways the way people think about their driving."

The nation has not seen such stagnant growth in driving since 1981, when the USA staggered through an oil shortage and a recession. Gas prices reached an all-time high of $3.223 in March 1981 when adjusted for inflation in today's dollars.

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[ClintonTyree]

1. I guess BIG OIL will have to...

raise the prices again to make up for the loss of revenue. We can't have anything interfering with their quarterly record profits. Geez, what is this country coming to anyway? :sarcasm:

[mcscajun]

2. They left one factor out. Unemployment and Underemployment

A one-two punch that leaves many formerly highly-paid long-distance commuters working closer to home (if they're lucky) for much lower wages, and so lacking funds for gas for leisure driving.