Posts filed under “Energy”

Chart of the Day: US Miles Driven

$4.05+ average national gas costs and $140 barrel oil is having its effect: Demand destruction brought about by high prices has lead to Americans driving less.

Total vehicle miles traveled grew by nearly 3% a
year from 1984 to 2004, the rate of growth slowed suddenly in 2005 and
2006 and has declined since then:

>

19gasgraphic190_2
"As the price of gasoline quadrupled over the last decade, American
drivers seemed to defy the laws of economics by pumping more into their
vehicles year after year.

But this is the year American drivers appear to be finally succumbing to price shock at the pump, according to a new report by Cambridge Energy Research Associates, a consulting firm affiliated with IHS Inc. It says the slowdown in the economy and soaring gasoline prices have finally persuaded Americans to drive fewer miles in fewer gas-guzzling vehicles.

“U.S. gasoline demand will likely decline in 2008 for the first
time in more than 17 years,” says the report to be released Thursday.
“For the first time since the 1970s and early 1980s the number of miles
driven by Americans has clearly begun trending downward.”

The Transportation Department reported on Wednesday that Americans
drove 1.8 percent fewer miles on public roads in April 2008 compared
with the same month last year, the sixth consecutive month of driving
mileage declines."

 

>

Sources:
Driving Less, Americans Finally React to Sting of Gas Prices, a Study Says
CLIFFORD KRAUSS
NYT, June 19, 2008
http://www.nytimes.com/2008/06/19/business/19gas.html

Americans Drove 1.4 Billion Fewer Highway Miles in April of 2008 than in April 2007
DOT,
Wednesday, June 18, 2008
http://www.dot.gov/affairs/dot8408.htm

Traffic Volume Trends
http://www.fhwa.dot.gov/ohim/tvtw/tvtpage.htm

U.S. Vehicle-Miles http://www.bts.gov/publications/national_transportation_statistics/html/table_01_32.html

~~~

Category: Consumer Spending, Energy, Inflation

High Gas Prices? Try a Segway!

Category: Economy, Energy

Crude Oil = $140

Category: Commodities, Energy, Technical Analysis

Ten Notes on Crude

Category: Energy, Weblogs

Faber Says Oil, Stocks, Real Estate Are Overvalued

Category: Economy, Employment, Energy

Gas Prices & Income, Nationally (by County)

Category: Energy, Politics, Wages & Income

Crude Oil = $139+

Category: Commodities, Contrary Indicators, Energy, Psychology

Jim Rogers: Crude Bull Market Has ‘Years to Go’

Category: Commodities, Energy, Psychology

Trichet 3, Bernanke 0

Category: Commodities, Currency, Energy, Federal Reserve

Uh-Oh: Economist Cover on Oil

Category: Commodities, Contrary Indicators, Energy, Financial Press