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Disruptive Technology
From The Los Angeles Times: Uber and Lyft have devastated LA's taxi industry, city records show. Mark Perry has written often about such competition.
Since the ride-hailing services began operating in Southern California three years ago, the number of L.A. taxi trips arranged in advance has fallen by 42%, according to city records, and the total number of trips has plummeted by nearly 30%.
The steepest drops were in the city's most popular nightlife and tourist destinations: the Westside, Hollywood and downtown.
The declines point to a dramatic shift wrought by the popular app-based transportation companies, which have wrested market share from taxi companies that have enjoyed decades of dominance in Los Angeles. The decline mirrors what's happening across the country, as taxis — regulated by local governments on everything from price to the color of their cars — struggle to compete with cheaper, more nimble start-ups.Besides the taxi industry, Dennis Gartman argues that the #1 threat for Big Oil is Uber and Lyft. I would argue that Dennis Garman is the #1 threat for investors.
Be that as it may, gasoline demand continued to increase as reported yesterday by the EIA. It was not a huge increase, but it was an increase all the same. Gasoline demand is at its highest since September of last year (2015).
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