
Americans have renewed their interest in bigger cars, pick-up trucks, and sport utility vehicles (SUVs) over more fuel efficient small cars, mainly because of falling gasoline prices. This was highlighted in an interesting article, “American Drivers Regain Appetite for Gas Guzzlers,”
published in the New York Times in June. We expected that when crude oil prices were averaging $95 per barrel three years ago, Americans would gravitate toward more fuel efficient small cars and stay away from SUVs and pickups.
According to www.motorintelligence.com, new passenger car sales were down by 7.7% from January to July 2016 compared with the same period last year. However, new light truck sales soared by 9.1% from January to July 2016 compared with the same period last year. Light trucks accounted for 58.4% of new vehicles sold in the first half of 2016, and the vehicle fleet is now weighted approximately 60-40 in favor of trucks in the United States, according to an analysis by Sam Ori published in Forbes magazine.
Read More on Travel and Gas Consumption Up Fueled by Lower Gas Prices