Reports of receding gas prices have yet to hit the pumps, fueling higher savings for individuals who ride public transportation, who, on average, save up to $10,230 annually and $853 per month, according to the American Public Transportation Association’s (APTA) Transit Savings Report.
The report bases these savings on the May 10, 2011 average national gas price ($3.95 per gallon-reported by AAA) and the national unreserved monthly parking rate.
Since last month gas prices rose another 14 cents, allowing transit riders to save an additional $10 this month. Gas prices have risen nearly $1 since the beginning of 2011, making annual transit saving $115 higher this month, compared to last.
“Americans need relief from current high gas prices and increasing transportation costs,” said APTA President William Millar. “And, riding public transit is a sure way to lower costs without sacrificing mobility or access.”
The national average for a monthly unreserved parking space in a downtown business district is $161.56, according to the 2010 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,939.