As gas prices peaked in June, Americans responded by significantly dropping their consumption. According to the Federal Highway Administration:
- 12.2 billion fewer miles were driven in June than in the same month a year ago
- The 4.7% decline was the biggest monthly driving drop since the downward trend began last November
- between November 2007 and June 2008, Americans drove 53.2 billion fewer miles than they did over the same period one year ago
- motorists consumed 400 million fewer gallons of gasoline and 318 million fewer gallons of diesel fuel in Q1 2008 vs. Q1 2007
- highway repairs and construction projects, which are financed by the gas tax, will likely need to find another source of funding going forward
The previous months saw these year-over-year declines:
November 2007: -0.5%
December 2007: -3.9%
January 2008: -1.7%
The most interesting monthly comparisons are on the horizon. The demand destruction will surely continue, but now that summer is winding down and gas prices have dipped below $4, will it still be at a record pace?
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