Americans "Driving Less as Gas Sales Plummet", Toll Roads Filing for Bankruptcy. "Recession Over" is BS. What Next?
Those obscene profits posted by Big Oil in the last few years are coming back to bite them… that mony taken from cash-strapped Americans at the pump is drying up.
Of course, not one saw it coming in 2008, did they/ Or tell us about it…
“There are news reports today that the Indiana Toll-Road Co. is filing for bankruptcy. It operates the motorway that runs across northern Indiana, between Illinois and Ohio, that is part of the U.S. Interstate Highway System. At first glance this news may seem not worth mentioning, but some important observations need to be drawn. The professed reason for the bankruptcy is the company’s debt, but there is more to this story…
The key point is why it is unable to service this debt, which is declining traffic.”
The Financial Times put it this way: “The fall in traffic volumes on U.S. roads since 2004 has undercut the financial assumptions behind a series of deals devised in the middle of last decade during an infrastructure investment boom.”
Note that the FT mentions “U.S. roads” in the plural because what is happening in Indiana is not unique.
It is happening across the United States.
The bankruptcy of this Indiana company confirms what a seven-year decline in gasoline sales is illustrating: People are driving less.
SOURCE:
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