US vehicle miles grow ahead of peak season

OREANDA-NEWS. US drivers continued to increase miles traveled in March to at least a 25-year high as cheap gasoline supported fuel demand.

US drivers traveled 261.7bn miles in March, higher by 3.9pc compared to the same month of 2014 and up by 0.7pc over the previous high set in 2007, according to the Federal Highway Administration. Vehicle miles traveled reached 720.1bn miles in the first quarter of the year, the largest total mileage since the administration began tracking data in 1990.

Strong gasoline demand has given US refiners cautious optimism heading into the peak summer driving months. US retail gasoline prices averaged \\$1/USG to \\$1.13/USG cheaper than year-ago prices during March, though they have since narrowed to 92?/USG below year-ago prices in May, according to the Energy Information Administration.

Western states again reported the strongest year-over-year increase in travel, despite also reporting the highest average fuel prices in the country. Miles traveled increased by 5.3pc to 58.4bn miles, compared to the same month of 2014. Miles traveled in the southeast increased by 5pc over the same period, to 57bn miles, and the northern midcontinent incresaed by 4.7pc to 56.8bn miles.