CNNMoney.com
Companies Economy International Corrections Pre-market Trading After-hours Trading Winners/Losers/Actives Bonds Currencies Commodities World Markets Money Magazine Real Estate Taxes Jobs Ask the Expert Money 101 Autos Mutual Funds The Help Desk Loan Center Best Places to Live Ask the Expert Ultimate Guide to Retirement Retirement Calculators Best Funds Best Places to Retire Fortune Brainstorm Tech Apple 2.0 Blog Big Tech Blog Sectors and Stocks Tech Talk Resource Guide Small Business Makeovers Questions & Answers Small Business Video 100 Best Places to Launch FSB 100 Fortune Small Business Fortune 500 Brainstorm Tech Investing Management C-Suite Rankings Main Create Portfolio Edit Portfolio Create Alerts Edit Alerts
Complete Coverage Special Report Energy Fix

U.S. driving on the decline

Americans continue to avoid the open roads, even as gas prices continue to fall, says the Department of Transportation.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Aaron Smith, CNNMoney.com staff writer

What impact would a General Motors bankruptcy have on the nation?
  • It would devastate the economy
  • It would be difficult, but a recovery would come
  • It would have no impact

NEW YORK (CNNMoney.com) -- Driving in America has undergone its most dramatic continuous decline in history, the Department of Transportation said Friday.

Americans drove 100 billion fewer miles during the 12-month period between November 2007 and October 2008 compared with the prior year, according to the DOT's most recent data.

U.S. Transportation Secretary Mary Peters noted that driving continued to decline even as gas prices came off their summertime peaks.

"The fact that the trend persists even as gas prices are dropping confirms that America's travel habits are fundamentally changing," she said in a statement.

The nationwide average price for unleaded gas was $1.656 per gallon on Friday, according to the motorist group AAA. Gas prices hit a peak of $4.114 a gallon on July 17.

In October, driving volume posted its steepest monthly drop since 1971, according to the DOT. Americans drove 3.5% less, or 8.9 billion fewer miles, compared with October 2007.

Transportation officials said they were concerned the drop would sap funding for the nation's highway system.

"As driving decreases and vehicle fuel efficiency continues to improve, the long term viability of the Highway Trust Fund grows weaker," said Peters. "The way we finance America's transportation network must also change to address this new reality, because banking on the gas tax is no longer a sustainable option."

Federal Highway administrator Tom Madison said in a statement, "This underscores the need to change our policy so American infrastructure is less dependent on the amount of gas American drivers consume."

The study follows a Monday report from the American Public Transportation Association that said Americans turned to public transportation in the third quarter at their biggest jump in 25 years as gas prices hit record levels.

More than 2.8 billion trips were taken on public transportation nationwide from July to September, an increase of 6.5% compared with the same period last year, according to the APTA.  To top of page

Features
Markets Last Change
Dow Jones 10,433.71 -17.24 / -0.16%
Nasdaq 2,169.18 -6.83 / -0.31%
S&P 500 1,105.65 -0.59 / -0.05%
10-year Bond 100 19/32 Yield: 3.30%
U.S.Dollar 1 euro = $1.507 0.011
November 24, 2009 12:00 AM ET
CompanyPrice% Change
Asbury Automotive Group Inc 10.92 9.42%
Medtronic Inc 43.18 7.12%
US Airways Group Inc 3.29 6.13%
Barnes & Noble Inc 22.15 -5.82%
Nov 24 3:56pm ET †
More Galleries
Would you walk away? With 1 in 4 homeowners underwater, many pundits predict a flood of people walking away from their homes. 5 readers discuss why they are - and are not - sticking around. More
Are things really getting better? Last quarter, the economy grew by the largest amount since the summer of 2007, but there are signs that things are still getting worse. More
7 wicked Black Friday Car deals It turns out the day after Thanksgiving is a great day to shop for a car. Here a few deals that deserve special attention. More
Sponsors

© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.