Motorists drove a record 3.22 trillion miles (5.2 trillion km) on U.S. roads last year, a 2.8 percent rise from 2015 and the fifth consecutive year of year-over-year increases, according to the U.S. Department of Transportation.
Motorists logged 263.6 billion miles on U.S roads in December , a 0.5 percent increase over the previous December, the DOT data showed.
Vehicle miles traveled are closely watched by energy analysts and traders, as its a good indicator of gasoline demand in a country that accounts for 10 percent of global gasoline consumption.
U.S. gasoline demand for 2016 is expected to be at record levels when the U.S. Energy Information Administration releases new data later this year.
U.S. gasoline demand is showing signs of weakness early in 2017, stoking fears that it could hamper the recovery of global crude oil prices.
(Reporting By Jarrett Renshaw; Editing by Marguerita Choy)
Topics USA
Was this article valuable?
Here are more articles you may enjoy.
At-Bay to Be Acquired by Munich Re for $575 Million 
11 New Firms Join Insurance Journal’s Top 100 Independent Agencies 
Lawsuit Alleges TWIA Fraudulently Reduced Claim Estimates From Hurricane Beryl 
Thoma Bravo to Take Accelerant Private in $4 Billion Deal 
