The oil production has attained record global amounts for the first time in eight years. OPEC had a recent agreement where first production cut has been decided in years. However, not all members of the intergovernmental organization respected the terms, and the cheap gas continues to describe the market. Because of this, more American citizens than ever are crowding the streets of cities like New York, San Francisco, and Los Angeles. The surging U.S. economy is another contributor to the massive congestions. A new report shows that even though the times are mild to the individual financial budgets, this situation is still costing drivers $300 billion in fuel and wasted time.
INRIX is a transportation analytics firm that has just published its report regarding the traffic congestions from a global perspective. The paper collected data from a total of 1,064 cities. Among them, Los Angeles is the worst managed city in terms of traffic in the world. Last year in Los Angeles, a common driver waited around 104 hours in congestions during the busiest moments of the day. This amount of wasted time costed the individual a total of $2,408 in fuel and productivity.
Moscow was the second worst managed city in terms of everyday traffic. However, San Francisco and New York weren’t far behind the runner-up. In 2016 alone, New York drivers wasted 89 hours in traffic, but only during rush hours. On the other hand, San Francisco made its motorists wait for only 83 hours behind their wheels on average.
The co-author of the traffic report, Bob Pishue, who is a senior economist at INRIX explained this phenomenon as a result of the cheap gas staying the same in the last two years. Moreover, cities like New York, Los Angeles, and San Francisco have been experiencing an economic and productivity boost in recent years. These two factors together with a strained road infrastructure lead to a rough traffic landscape.
No matter how much influence ride sharing networks like Uber gain on the market, the economic recovery will still wield a lot of stress on traffic. When a city is prosperous, the streets are crowded with a bigger transportation of goods. As a consequence, these cities are already taking the necessary measures to get the pressure off the streets. For instance, Los Angeles is already working on Measure M, that is going to invest $120 billion in updating the infrastructure with new highways and bike lanes.
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