The US Department of Transportation's Traffic Volume Trends report, whose frequency had been running behind slightly, is now caught up through June. And it continues to show declines in demand.
It's important to note that these numbers are through June, but more recent figures from demand show growth in US consumption. For example, in its latest weekly report, the Energy Information Administration reported implied gasoline demand of 9.762 million b/d, a record. But that occured after a fall in average retail prices of roughly 45 cts over the month; prices were roaring along in June.
Among the highlights in the DOT report:
--The cumulative 6-month total of miles traveled dropped to 1473.1 billion miles from 1478.9 billion miles through the first six months of last year.
--Month-to-month, demand was down 0.5%, to 260.3 billion miles from 261.7 billion miles.
--Slight gains were posted in the northeast and the south Gulf, which the DOT defines as an eight-state area stretching from Texas over to Alabama and up through Kentucky.
The full report can be accessed here.
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