Monday, July 28, 2008

Miles Driven Off 3.7% in May

by Bill McBride on 7/28/2008 02:05:00 AM

The WSJ has some details from the DOT report due tomorrow: Funds for Highways Plummet As Drivers Cut Gasoline Use

A report to be released Monday by the Transportation Department shows that over the past seven months, Americans have reduced their driving by more than 40 billion miles. Because of high gasoline prices, they drove 3.7% fewer miles in May than they did a year earlier, the report says, more than double the 1.8% drop-off seen in April.
More demand destruction for oil.