Vehicle Miles Travelled and Oil Prices

Change in Vehicle-Miles Traveled in the United States and Nominal Spot Oil Prices, 1971-2022

The growth of Vehicle Miles Travelled (VMT) and oil prices are usually inversely proportional. A surge in oil prices commonly results in a drop in growth rates of VMT, which can become negative with surges that are acute. The Covid-19 pandemic represents an exception as VMTs and oil prices dropped concomitantly, mainly due to lockdowns causing a sharp decline in oil demand.

Change in Vehicle-Miles Traveled in the United States and Nominal Spot Oil Prices, 1971-2022 | The Geography of Transport Systems (transportgeography.org)