CHESSNOID

People are driving less because they can’t afford gas. I saw a little segment on this on ABC news that Americans reduced driving by 10 billion miles in just a one month period. I found the accompanying Reuter’s acticle:

WASHINGTON (Reuters) – Soaring gasoline prices and a weak economy combined in May to reduce the number of highway miles traveled during the month by a record 3.7 percent, the U.S. Transportation Department said on Monday.

The 9.6 billion miles less traveled was the biggest drop ever for any May, when traffic usually increases due to the Memorial Day holiday and the beginning of summer vacations.

During the first five months of the year, highway travel was down 29.8 billion miles, or 2.4 percent, from the same period in 2007.

“The decline in American driving is deepening,” U.S. Transportation Secretary Mary Peters said.

“During the past seven months, Americans drove 40.5 billion miles less than they did over the same period last year. It’s the equivalent of 200 round trips to the sun, if you want to put it into perspective,” she said.

Three of the biggest monthly declines in highway travel, each more than 9 billion miles, have occurred since December.

I doubt we will ever see $1.20 gallon gas again which is what the average price was when BUSH first took office. More than likely gas will bounce back up. What will happen if the price of gas shoots back up to $7 to $8 a gallon? I guess we will find out soon enough.