by Calculated Risk on 4/20/2011 05:07:00 PM

The Department of Transportation (DOT) reported that vehicle miles driven in February were up 0.9% compared to February 2010:

Travel on all roads and streets changed by +0.9% (2.0 billion vehicle miles) for February 2011 as compared with February 2010. Travel for the month is estimated to be 214.8 billion vehicle miles.

Cumulative Travel for 2011 changed by +0.6% (2.8 billion vehicle miles).

Click on graph for larger image in graph gallery.

This graph shows the rolling 12 month total vehicle miles driven.

Note: in the early '80s, miles driven (rolling 12 months) stayed below the previous peak for 39 months. Currently miles driven has been below the previous peak for 39 months too - so this record will be broken in March!

The second graph shows the year-over-year change from the same month in the previous year. The DOT reported vehicle miles driven in February were up 0.9%.

No signs of demand destruction yet, however in February U.S. oil prices averaged $90 per barrel, and we might see $100+ oil lead to a decrease in driving in March or April.

Earlier:
• Existing Home Inventory decreases 2.1% Year over Year
• March Existing Home Sales: 5.10 million SAAR, 8.4 months of supply