Motorists Log Record 283.7 Billion Miles in US in July
Motorists logged a record 283.7 billion miles on U.S. roadways in July, the most ever for the month and up 4.2% from a year earlier, according to government data.
July marked the 17th consecutive year-over-year increase and the largest for the month since 1992, according to U.S. Department of Transportation data released Sept. 25.
The figures illustrate how the slump in oil prices has triggered a bigger-than-expected revival in U.S. gasoline demand, fueling robust refinery profit margins and helping prevent an even larger global crude glut from developing.
The average pump price in July was $2.88 per gallon, down significantly from $3.68 a year earlier.
Miles driven were up 3.6% year to date, the data shows.
U.S. gasoline demand in the first six months of the year rose by 3% from 2014 to nearly 9 million barrels per day, according to Energy Information Administration data. U.S. gasoline use accounts for about a tenth of global crude demand.
The DOT traffic data has become an important early gauge of underlying consumer gasoline demand because it is released before the monthly EIA oil consumption figures.