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It’s become a truism that Americans are driving less due to high fuel prices. Here are five signs that signal a decline in demand:
1. Drop in volume: The fall in U.S. oil demand in the first half of 2008 was the biggest in 26 years, according to the EIA.
2. Less time on the road: Americans are spending less time behind the wheel, according to the Dept. of Transportation
3. Taking the train : A record number of riders are turning to mass transit to get around
More Americans are leaving their cars at home and jumping on buses, trains and trolleys as retail gasoline prices approach $4 per gallon, the American Public Transportation Association said in a report.
“There’s no doubt that the high gas prices are motivating people to change their travel behavior,” APTA president William W. Millar said. (For the full story, click here.)