As gas prices rise we are seeing Americans drive less for the first time in years.
Americans travel more during the summer than any other time of year but it seems as though gas prices may be having an impact on the amount of travel we are doing as a country. Recently, we have all seen the rate gas prices have been rising at the pump when fill up our cars. Normally, we just seem to deal with higher prices and budget it into our travel plans. It seems as though there is a very real impact taking place, so lets take a look at some recent data released.
According to Princeton Energy Advisors, U.S. vehicle miles traveled posted a year over year decline in February 2018. This was the first annual decline seen since 2014 where at that time oil prices were over $100/barrel. Vehicle miles driven per capita actually peaked in August 2017. Since than that volume has fallen in every month since November when oil prices were under $50/barrel.