Highway Funds Dwindle as Drivers Cut Back, Journal says

Record fuel prices are prompting U.S. motorists to park their vehicles in record numbers, adding to concerns that federal highway funds will be inadequate to cover needed infrastructure projects, the Wall Street Journal reported Monday.

American motorists, reacting to record fuel prices, in May drove 3.7% fewer miles than in the same month of 2007, and have pared back total miles driven by about 40 billion in the past seven months, the paper said, citing a Monday report from the Department of Transportation.

The resulting drop in gasoline consumption means that federal fuel taxes are bringing in less revenue for highway projects.

Federal lawmakers have lately moved to shore up the flagging Highway Trust Fund with a cash infusion from the U.S. Treasury's general fund that would undo a 1998 transfer from the highway fund.

Seeking to cover an estimated $3.2 billion shortfall, the House of Representatives last week approved a measure that would transfer $8 million to the Highway Trust Fund from the general fund.