The words ‘summer’ and ‘road trip’ go hand-in-hand for many families, couples, and long-time friends. Still, American motorists took this concept on an entirely different level this past July. According to numbers recently revealed by the U.S. Department of Transportation, motorists travelled just over 287 billion miles across American roads in July 2016; the highest ever for that month. In fact, that number reflects a 2% increase from July 2015.
Reuters reported that these numbers seem to be part of a growing trend as of late, with well over 1 trillion (no, that is not a typo, you read right … trillion) miles achieved in June of this year; 1.58 to be exact. This beat the past record of highest miles logged on U.S. roads, which was set in 2015. If this continues, the yearly record for highest motorist-miles-travelled on America roads will be shattered in no time.
What could be the biggest factors behind Americans deciding to hit the open roads as of late? Summer is traditionally a high time for this to happen as people try to enjoy their summer.
Still, a better economy, and of course, those low gas prices the U.S. is currently enjoying are two of the biggest reasons. This means more money to spend all around, and travel is usually the first thing that pops into most people’s minds when it comes to extra income.
Interestingly enough though, in spite of these incredible (and record-breaking) miles that are being logged across U.S. roads, American refiners are seeing the lowest gas margins they have seen in the last half-decade, for most of this summer. However, this seems to be all thanks to persistently heightened inventories.
This log of miles driven by motorists on American roads is an important statistic that is closely observed, as the U.S. is responsible for approximately 10% of all gasoline demand across the globe. Which makes it no surprise then, that the demand for gas in June also hit a record high, as per the latest numbers coming out of the U.S. Energy Information Administration. The organization has been following these gas demand numbers since 1945.