11 billion miles. That’s the decrease in the number of miles Americans drove in March 2008 versus March 2007, according to the Federal Highway Administration. As this article in the Wall Street Journal points out, the 4.3 percent drop is the biggest-ever year-over-year reduction in miles driven. Moreover, consumers now believe high prices are here to stay. How are rising energy prices going to change the lives of landowners?
That is precisely the question that Fred Mackerodt will be looking at in an upcoming article for the Land Report. Fred is a big believer in exploring the time & distance continuum as it relates to buying property. Is the right piece of property really right for you if its too far away to enjoy regularly and conveniently? Very tricky question. Just because a piece of property is too far away for a quick weekend drive doesn’t mean it’s not an ideal investment parcel. The perfect place to build a second home can still be in the next state or even the next time zone.
If anything, in my opinion, rising fuel costs are going to make Americans more judicious in the way we consume energy. Sounds like it already has.