by Bill McBride on 7/23/2011 10:06:00 PM
Saturday, July 23, 2011
• Summary for Week Ending July 22nd
• Schedule for Week of July 24th
This data is for May and gasoline prices were at the highest level of the year at end of April and into early May - so the YoY decline might be less in June.
The Department of Transportation (DOT) reported Friday:
Travel on all roads and streets changed by -1.9% (-5.0 billion vehicle miles) for May 2011 as compared with May 2010. Travel for the month is estimated to be 254.0 billion vehicle miles.Click on graph for larger image in graph gallery.
Cumulative Travel for 2011 changed by -1.0% (-11.7 billion vehicle miles).
This graph shows the rolling 12 month total vehicle miles driven.
In the early '80s, miles driven (rolling 12 months) stayed below the previous peak for 39 months. Currently miles driven has been below the previous peak for 42 months - so this is a new record for longest period below the previous peak - and still counting!
Note: some people have asked about miles driven on a per capita basis (or per registered driver), and I'm looking at the data.
The second graph shows the year-over-year change from the same month in the previous year. So far the current decline is not as a severe as in 2008.
With the decline in oil and gasoline prices, the YoY decline in miles driven will probably not be as large in June.