Saturday, May 5, 2012

Vehicle miles traveled is falling

It appears...for the first time in 40 years, the the total miles driven per year is taking a downward shift. 

Of course, some would say that these reflect patterns in rising gas prices. But as you can see in the graph below: Gas prices have been rising for the past 40 years, as well!

Obviously, this requires much more in-depth research. But I suspect these are real structural pay-offs of urbanization. More people are living in areas that require driving or no automobiles at all. 

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