Sep 16, 2008 -- Road fatalities down as gas prices climb
Oil demand in June was down just under 6% year over year, according to a new report. That's a massive drop in demand considering most driving was thought "inelastic" by economists -- meaning that it had to be done regardless of the price of gas.
But we've changed our routines to drive less; take fuel-efficient vehicles if we have multiple cars; and buy fuel-efficient when it comes time for another car. An unexpected consequence of driving less has been a drastic drop in road fatalities. The University of Michigan reports we're seeing the lowest number of deaths since 1961.
Fatalities were down 22% in March and 18% in April. Yet our driving is only down about half as much. So what gives?
Clark believes the high cost of gas has forced a lot of teens off the road, which equates to lower fatalities. He's seen that in the case of his own teenage daughter and her driving habits. Meanwhile, many people are driving slower to get better fuel economy. That, of course, also has contributed to the drop in fatalities.
So if you're looking for a silver lining in the dark cloud of high gasoline prices, there it is!