America’s drivers are racking up more miles than ever while using less fuel than they did before the pandemic. But it’s not because of electric vehicles — it’s better internal combustion engines.
(Bloomberg) — America’s drivers are racking up more miles than ever while using less fuel than they did before the pandemic. But it’s not because of electric vehicles — it’s better internal combustion engines.
June broke a travel record for that month with 283 trillion vehicle miles, according to the most recent data from the US Department of Transportation. That’s more than any other June going back to 1998. Implied gasoline demand for the month was 5% below the 2019 level, government data show.
This is because vehicles are much more fuel efficient today than just a few years ago, thanks to tough standards put into place more than a decade ago. These rules, strengthened by President Joe Biden, mean the era of peak gasoline is already in the rear-view mirror, even as Americans drive more.
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