Americans haven’t ramped up their driving habits like this in 10 years.
According to analyst Mike Baker at Deutsche Bank, the number of miles driven by Americans increased 2% in the three months ending in November, the fastest increase since 2005.
November also marked the ninth-straight month in which Americans increased their miles driven against last year.
In a note to clients, Baker wrote:
“We expect miles driven to continue to accelerate in the coming months as gas price declines have gotten more pronounced in December and January versus previous months. December gas prices were down 21% year over year and January is pacing down 30%, compared to 5%-9% in October and November.”
Here’s the crazy gas price chart which makes it easy to see why Americans are driving more. A lot more.