Why, with this huge cut in demand and a 200,000 barrel increase from the Saudis last month and a promise of a 300,00 barrel increase next month, aren't prices going down? Anyone with half an atom of a brain can figure out that if we increase the supply and decrease the demand, in the real regulated commodities markets, prices would be going down. This is not a supply or a demand problem.Americans Drove 1.4 Billion Fewer Highway Miles in April of 2008 than in April 2007 While Fuel Prices and Transit Ridership Are Both on the Rise
Americans Drove 1.4 Billion Fewer Highway Miles in April of 2008 than in April 2007. Americans are driving less for the sixth month in a row. The Secretary said that Americans drove 1.4 billion fewer highway miles in April 2008 than at the same time a year earlier and 400 million miles less than in March of this year. This marks a decline of nearly 20 billion miles traveled this year, and nearly 30 billion miles traveled since November. The Secretary said as Americans drive less, the federal Highway Trust Fund receives less revenue from gasoline and diesel sales – 18.4 cents per gallon and 24.4 cents per gallon, respectively.
To review the FHWA’s “Traffic Volume Trends” reports, including that of April 2008, visit http://www.fhwa.dot.gov/ohim/tvtw/tvtpage.htm.