It's official: the soaring oil prices have left people saving their gas money for better things.
The Federal Highway Administration reported that 9.6 billion fewer miles were driven in May 2008 than the same month last year. They said it was the "longest decline in vehicular miles traveled" they had ever seen.
More people are taking public transit, walking or opting for bikes. Even the increase in telecommuters has made an impact.
While many people have been complaining about the high gas prices, those concerned with the environment have been breathing sighs of relief.
Oil Prices Lead to Fewer Drivers
Almost 10 Billion Fewer Miles Driven in May
Trend Themes
1. Decreased Vehicle Usage - Opportunity for innovative transportation solutions that cater to the increasing number of people using public transit, walking, and biking instead of driving.
2. Rise of Telecommuting - Potential for disruptive innovations in remote work technologies and services to support the growing trend of telecommuters.
3. Environmental Consciousness - Opportunity for eco-friendly solutions and products as more individuals prioritize the environment over driving.
Industry Implications
1. Public Transportation - Potential for advancements in public transportation systems, including better infrastructure and alternative fuel options.
2. Telecommunications - Opportunity for the telecommunications industry to develop improved remote work solutions and services.
3. Green Technology - Disruptive innovations in green technology, including sustainable transportation options and eco-friendly products.