The Energy Information Association (EIA) reported that U.S. inventories of gasoline dropped 5.4 million barrels during the week ending March 24 — the biggest decline in more than two and a half years — and just ahead of the peak vacation travel season when gas consumption typically increases significantly.
With rising fuel costs a growing concern, American consumers are finding new ways to save on gas. But they’re not just considering four-wheeled alternatives.
According to a new survey by Nationwide Insurance, in conjunction with the American Motorcyclist Association (AMA), 35 percent of motorcyclists surveyed said they will ride their bikes more this year as a result of volatile fuel prices.
The survey, conducted by Brandware of 2,544 motorcycle, power boat, bass boat and ATV owners, shows male and female motorcyclists expect to ride their bikes for approximately 22 more hours than they did in the past year.
Male motorcyclists expect to ride 172 hours over the next year, while female riders expect to ride 146 hours.
According to the survey, male and female motorcyclists committed over half of their total money spent on leisure activities to accessories and improvements for their motorcycle over the past five years.
Male riders invested more than $7,000 on their bikes over this time period, more than any other group of powersport enthusiast.
“Motorcyclists know that riding is more than a hobby — it’s also one of the most efficient means of transportation available,” said AMA Chief Executive Officer Patricia DiPietro. ”
“Understanding the passions and motivations of the motorcycle enthusiast allows us to remain connected to riders, and ensures our ability to offer the best protection available,” said Mitch Roggemann, national sales director for Nationwide’s Property & Casualty Specialty Products. psb