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Traffic Volume Continues To Decrease in October; New Record Set for Annual Decline of 100B Miles

the federal highway administration reported today (direct connection here) that travel during october 2008 on all roads and streets fell by -3.5% compared to october model year. this dash follows the -4.2% september decline. more distant, october marks the twelfth consecutive month of traffic volume decline compared to the same month in the previous year. tourism ytd through october 2008 also mow down by -3.5% compared to 2007.the twelve consecutive monthly declines (november 2007 be means of october 2008) in miles driven compared to the same month in the previous year is stingy to a record, and represents one of the most significant adjustments to driving behavior in description.on a moving 12-month entire main ingredient, traffic aggregate in october fell to 2,907 billion miles, the lowest informed about in almost five years - since february of 2004 (see plan above), and this measure of traffic volume has fallen in each of the last nine months.groundwork line: the inspiring 12-month total traffic volume in october 2008 (2,907 billion miles) is below the october 2007 tied (3,007 billion miles) by 100 billion annual miles driven, the largest annual decline in fha retailing (data go back to 1971). at an average fuel efficiency of 20 m.p.g., and an average gas price of $3.39 per gallon over that period (data here), that reduction in miles driven represents an annual savings of almost $17 billion for american consumers and businesses.that’s in addition to the much larger $350 billion expected annual savings as consumers and businesses from the give up in gas prices from $4.12 per gallon to $1.67 since july (gas price data here), since american consumers and businesses save about $1.42 billion annually for every penny decrease in gas prices (see calculation here). thanks to john thacker proper for the fha update.
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