Bloomberg News

U.S. Gasoline Demand Declined 3.1% Last Week, MasterCard Says

February 15, 2012

Feb. 14 (Bloomberg) -- U.S. gasoline demand slipped 3.1 percent last week and was more than 5 percent below year-earlier levels for the fourth straight week, MasterCard Inc. said.

Drivers bought 8.01 million barrels a day of gasoline in the seven days ended Feb. 10, according to MasterCard’s SpendingPulse report. Demand fell below year-earlier levels for a 24th consecutive time, decreasing 5.4 percent from 2011.

The average pump price rose 3 cents to $3.50 a gallon, 12 percent above a year earlier. The biggest regional gain was in the U.S. Midwest, which saw prices increase 4 cents.

Gasoline use over the previous four weeks was 5.3 percent below the 2011 period, the 47th consecutive decline in that measure. MasterCard’s data goes back to July 2004.

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: Lynn Doan in San Francisco at ldoan6@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


Cash Is for Losers
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus