Congratulations America. Between November of 2007 and November of 2008 such a large decrease in the number of miles driven was recorded that Exxon Mobil execs are even saying that gas consumption has peaked and has nowhere to go from here but down.
The marked decline in vehicle miles drive (VMT) is undoubtedly due to a combination of high gas prices, a weak economy and increased environmental concerns. This all comes at a time when the Obama administration is pushing for as much reliance on renewable energy as possible.
The Wall Street Journal points out one of the biggest indicators of the decrease in gas consumption being that “there are 11% fewer places to pump gas in the U.S. today than there were a little over a decade ago.”
While this is great news for the U.S. the same thing can’t be said for countries like India and China who continue to use ever more oil and gas.