American motorists drove fewer miles in 2009, in part due to unemployment. As reported in The Wall Street Journal, Trilby Lundberg, author of the Lundberg Letter, says commuting to work--one of the most important reasons for driving--has been "hit in the guts" by unemployment.
Trilby also estimates that since December 2007, gasoline consumption declined by more than 3 percent, even though retail regular-gasoline prices were 87 cents a gallon lower on average in 2009 than in 2008.
According to the most recent figures, U.S. unemployment stood at 10 percent in November. This figure is much higher than the 4.9 percent unemployment rate recorded two years ago when U.S. motorists set an all-time high for miles driven. The Federal Highway Administration says Americans drove 3.037 trillion miles i... more »
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