From Planetizen:

Kenneth Small of UC Irvine shows that higher prices do reduce driving, as do recessions when workers lose their jobs, which is one of the main factors in the recent drop in VMT [Vehicular Miles Traveled]. "People were surprised by the very rapid rise in gas prices, and they changed their driving behavior," said Kenneth A. Small, a transportation economist at the University of California, Irvine. "But my suspicion is that it is temporary. As soon as unemployment gets back to pre-recession levels, we will see Americans doing a lot more driving again." Small may have been surprised that it didn't take long for Americans to resume their driving habits, recession or not.

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