"U.S. driving is down 10 billion miles in May and 30 billion year to date"
May 2008 saw another sharp sharp drop in vehicle miles traveled (aka VMT) according to the Federal Highway Administration’s monthly report on “Traffic Volume Trends.” This follows a 4.5 billion mile drop in April and “the sharpest yearly drop for any month in FHWA history” in March (see here).
The moving 12-month trend-line is startling and suggests $4 a gallon is the first (but not the last) genuine tipping point for U.S. drivers:
I wonder what $7 gas by 2010 will do to VMT.
- $12 – $15 gas? Not so fast. But we’ll soon be mad for $6 – $7
- Note to media/Bush: Saudis/OPEC don’t control the price of oil any more!
- Peak-a-boo: Goldman says oil ‘likely’ to hit $150-$200 by 2010. That means $5+ gasoline.
- Note to Bush, media: Opening ANWR cuts gas prices one penny in 2025
- Peak Oil? Bring it on!
- Thirsty oil-rich nations reduce exports
- Why I don’t agree with James Kunstler about peak oil and the “end of suburbia”
- IEA warns of impending oil and gas supply crunch
- My 1996 warnings and predictions: “MidEast Oil Forever?” — Part I: Drifting Toward Disaster