Link to article here. Driving continues to go down as gas prices stay high. What other evidence do bond investors need to realize these toll roads are a BAD investment and will likely default given the dramatic drop in driving as people tighten their belts? There just won’t be enough money to ante up for a toll, too.
Summer driving season started with a flat tire
By Pat Driscoll
July 28, 2008
The “slip” in how much Americans are driving, or the “blip” as another expert called it last week, has extended into another record monthly drop as motorists continued adjusting to high gasoline prices.
Americans drove 9.6 billion fewer miles in May compared to last year, according to the latest data from the Federal Highway Administration.
The 3.7 percent “slip” is the largest for any May, which kicks off the summer travel season, officials said. And it’s the third largest drop for any month in 66 years of gathering such data.
The “blip” has now stretched to seven months, and includes the three largest monthly declines ever seen. March tops the drops with 4.3 percent, followed by December at 3.9 percent.
Driving on Texas roads dropped four months in a row from a year ago, including 2.3 percent in May and a revised 3.8 percent in March.