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August 13th, 2008

Americans Continue to Drive Less



Americans drove 12.2 billion fewer miles in June of this year compared to last, marking the eighth-straight monthly decline in vehicle miles driven. High gas prices have forced Americans to alter their driving habits, as well as purchase more fuel-efficient vehicles to save money. As we reported last month, US Transportation Secretary Mary E. Peters and US law makers are currently undertaking new strategies to overhaul the nation’s transportation investment strategy. As drivers fill up less often, the national gas tax is bringing in less money for the Federal Highway Trust Fund, which is responsible for funding the construction and repairs of roads, bridges, and public transportation systems.

Americans drove 2.6 billion fewer miles in June compared to May. Expect drivers to hit the roads even less when July’s report is released, as gas prices reached a record high in that month. So far neither Congress nor the DOT has developed a solution to supplement the funding of the Highway Trust Fund.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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