The cost per mile of operating a motor vehicle is a key parameter in many transportation studies. Toll road studies measure the trade-off between the toll value and the cost of not using the toll road. Policy and revenue analyses at the federal and state levels often use this parameter. Most rigorous analyses of changes in traveler mode choice are sensitive to the cost of private vehicle operation, and that is the focus of this article. At the time of the 1979–80 oil shortage, there was great interest in how the changing price of gasoline would influence future mode choice. Transit analysts were considering the prospect of escalating fuel prices and the resulting expected increases in transit ridership. Since that time, fuel prices have stabilized, and the concern over gasoline availability and price has largely van
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