Bus trips between Northeastern cities now cost as little as $1 each way through Megabus.com, which is a sister company of Gray Line New York Sightseeing and is owned by Coach USA. The company uses brand new buses with comfortable seats placed high for a sight-seeing feel.

Today, Megabus launched service the between New York and Boston, Washington, Philadelphia, Baltimore, Buffalo, Atlantic City, and Toronto. As Erik Torkells blogged in advance, "there will be a handful of $1 fares, though they must be purchased very far in advance, and of course prices go up the nearer you get to the date of departure."

The bad news: What Megabus giveth it also taketh away. In L.A., the company has stopped taking reservations for trips out of Los Angeles to Las Vegas, San Jose and beyond in later June. Uh-oh. The company says that profitability is strong in the Midwest, and that it will grow its business there and along the East Coast, according to a report in the L.A.Times.

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