Americans set a new record for driving in February with 232.2 billion miles traveled.
After a bit of a hiccup due to strong winter storms, U.S. drivers are climbing behind the wheel once again enjoying low gasoline prices and new vehicles that are more fuel efficient than ever, according to new studies.
January figures were down significantly causing many observers to wonder if it was the beginning of a trend or simply the impact of rough winter weather. Now they have their answer.
Motorists set a new record for February looing 232.2 billion miles, which was up 5.6% compared with year-ago figures, according to the U.S. Dept. of Transportation.
“Lots of people couldn’t drive, so when the snow thawed and the weather warmed up in a bit in February, people were stir crazy and made up for lost time,” Phil Flynn, an analyst at Price Futures Group, told Reuters.
Americans, in part, are hitting the road because gas prices, despite a recent resurgence, are still lower than year ago on average. AAA said the average prices of a gallon of gas was $2.15 compared with $2.52 at this time last year.
(Americans driving farther, but dying faster, on U.S. highways. For more, Click Here.)
U.S. drivers drove more than ever last year, clocking a record 3.148 trillion miles behind the wheel, according to the Federal Highway Administration.
The jump in the number of miles Americans are driving comes at a time of increased economic activity, particularly in the auto industry, which sold a record 17.5 million vehicles last year, a 5.7% increase over 2014. And while many observers had expected the numbers to flatten out this year, demand has maintained a torrid pace.
Perhaps just as important as the number of vehicles is the fact that they’re more fuel efficient than ever. According to the Consumer Federation of America, 56% of new vehicles match or exceed expected targets for fuel economy.
“Fuel efficiency increasingly comes standard with new cars, trucks, and SUVs” said Jack Gillis, Director of Public Affairs for CFA and author of The Car Book. “Even if you’re in the market for a large pickup or SUV, you’d have to go out of your way to find a true gas guzzler.”
(Click Here for details about why driving costs have plunged to a six-year low.)
Despite the return to “affordable” gas, consumers have long memories when it comes to gas prices, including the brief period of time when it topped $4 a gallon for parts of the country. So even though large SUVs and crossovers are currently all the rage, if the mileage ratings were not showing significant improvements, they may not be so popular.
CFA’s national consumer survey in March 2016 conducted by ORC International, found that consumers still place great value on fuel efficiency and fuel economy standards, regardless of today’s relatively low gas prices.
Eighty-one percent of consumers said gas mileage would be an “important” consideration when buying a car, with 54% saying it would be “very important.” Similarly, 81% of respondents said they support the federal standards, with 52% strongly supporting.
“Consumers are understandably wary of gas price swings,” said Dr. Mark Cooper, CFA’s Director of Research. “Thankfully, purchasing a fuel efficient vehicle remains a practical, sensible way to save money and protect your household against gas price spikes.”
(To see how automakers are beating fuel economy mandates, Click Here.)
The CFA survey found that consumers expect gas prices to rise in the future, with the average respondent predicting $3.50 a gallon gas in five years. That’s in line with projections made by the federal Energy Information Administration.