The most shocking thing about this driving decline is that it doesn’t seem to be caused by the weak economy. […]
Some say higher gas prices have caused drivers to stay home. It’s a nice story, but there’s not much evidence backing it up. Gas prices are lower today than they were six and a half years ago. And average fuel efficiency has surged over the last decade, putting the real cost of gasoline usage today no higher than it was a decade ago. […]
Remember, Americans drove 918 billion fewer miles over the last eight years than they would have if 2006 driving trends hadn’t changed. If a car has a lifespan of 200,000 miles, that ultimately means demand for vehicles over the last eight years was about half a million cars per year lower than it would have been at old driving rates.