In the U.S., bus travel has become almost a relic of the past. When was the last time you hopped aboard a Greyhound for a trip across the country or to a neighboring city? For most of us, it's easier and faster to fly or drive ourselves.

But, it seems bus travel could be poised for a comeback. DePaul University's Chaddick Institute for Metropolitan Development has been researching bus travel in the U.S. over the past half-century. Drawing on arrivals and departures from several American cities, the Institute found those cities lost about thirty percent of their scheduled intercity bus service between 1960 and 1980. They lost more than sixty percent of their remaining service between 1980 and 2005.

But, something interesting happened in early 2006. People started riding the bus again.

From February of 2006 to December of this year the number of bus departures increased thirteen percent. Why? Institute Director Joseph Schwieterman points to a variety of reasons. First, high gas prices have forced many people to find cheaper ways to get around. Second, congestion and tighter security at airports have consumers looking for less stressful ways to travel. And third, the neighborhoods near many inner city bus terminals have been revitalized, so travelers aren't afraid to go there.

Together, these factors are creating a perfect storm for bus companies. Megabus, the company I profile in my story tonight, could be paving the way for a renaissance in bus travel. Megabus is bringing to the roads what Southwest Airlines brought to the skies. No frills travel at cheap prices. The company has two hubs in Chicago and Los Angeles.

The concept seems to be paying off. Early one recent morning I found dozens of shivering people waiting on a Chicago city street to take Megabus to Detroit and to Cleveland. Not surprising, most of those people were college students or young professionals heading home for the holidays. Granted, these are people who don't have a lot of expendable income. But, they are also part of a generation who turned the internet into a household word.

Schwieterman says if Megabus continues to succeed it could spawn copy cats the way Southwest has. And just remember, a decade ago lot of people poked fun at Southwest Airlines. But, many of those people are frequent flyers of the carrier today.