Jan. 4 (Bloomberg) -- U.S. gasoline demand sank 14 percent from the prior week to the lowest level in more than seven years of records, according to MasterCard Inc.
Drivers bought 8.16 million barrels a day of gasoline in the week ended Dec. 30, down from 9.46 million the week before, according to MasterCard’s SpendingPulse report. MasterCard’s data goes back to July 2004.
Fuel use fell below a year earlier for the 18th consecutive time last week, slipping 3 percent from 2010 levels. Fuel demand over the previous four weeks was 3.4 percent below a year earlier, the 41st consecutive decline in that measure.
“We observed a noticeable week-to-week drop in gasoline consumption as many drivers were off the roads due to the holidays,” John Gamel, a gasoline analyst and director of economic analysis for SpendingPulse, said in the report. The week began on Christmas Eve.
All seven geographical regions, as defined by MasterCard, saw demand slide by double digits last week.
Gasoline consumption in 2011 fell 1.6 percent from 2010, according to the second-biggest payments network company.
The average pump price increased 3 cents to $3.26 a gallon. Prices were 6.5 percent higher than a year earlier.
Gasoline demand peaked in 2011 at 9.56 million barrels a day in the week ended July 1 as motorists filled their tanks before the July 4 holiday weekend.
The report from Purchase, New York-based MasterCard is assembled by MasterCard Advisors, the company’s consulting arm. The information is based on credit-card swipes and cash and check payments at about 140,000 U.S. gasoline stations.
Visa Inc. is the biggest payments network company by transactions processed.
--Editors: Richard Stubbe, David Marino
To contact the reporter on this story: Barbara J Powell in Dallas at bpowell4@bloomberg.net
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net
