As the global crude oil supply glut continues to linger, American drivers seem to be doing all they can do to help eliminate the oversupply. According to the most recent data, U.S. drivers are now logging more miles than they ever have.
Hitting The Highway
This chart shows the relationship between WTI crude oil prices and year-over-year change in total U.S. miles driven. Not surprisingly, many Americans dialed back travel plans during the last recession, but miles traveled has been on the upswing as the economy has recovered.
Just prior to oil’s price collapse in 2014, American drivers were already logging more than 1.0 percent more miles than they had the previous year. However, falling oil prices have since driven gas prices to multi-year lows, and Americans have taken advantage of the opportunity for cheap travel by driving about 3.0 percent more miles this year.
Cheap Gas
According to GasBuddy, South Carolina has already fallen…
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