Bloomberg News

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

June 12, 2012

U.S. gasoline demand fell 0.5 percent last week to a five-week low even as prices at the pump declined further, according to MasterCard Inc. (MA:US)

Drivers bought 8.97 million barrels a day of gasoline in the week ended June 8, down from 9.01 million the week before, MasterCard’s SpendingPulse report showed.

The average pump price declined 5 cents in the past week to $3.58 a gallon, the lowest level since Feb. 17. Prices are 4.5 percent below a year earlier.

The highest prices were on the West Coast, where the average fell 7 cents to $4.13 a gallon. The lowest prices were on the Gulf Coast, where a gallon declined 5 cents to $3.37.

Fuel consumption was 3.5 percent below the year-earlier level, the 41st straight drop in that measure. Year-to-date gasoline demand is 4.8 percent below 2011.

“This past week was the third in a row of increasing year- over-year declines, even while prices at the pump continued to fall and have fallen over 35 cents since peaking at $3.94 for the week ending April 6,” John Gamel, a gasoline analyst and director of economic analysis for SpendingPulse, said in the report.

Fuel use over the previous four weeks fell 1.9 percent below the same period in 2011, a record 64th consecutive drop in that measure.

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. (V:US) is the biggest payments network company by transactions processed.

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


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • MA
    (MasterCard Inc)
    • $74.09 USD
    • 0.87
    • 1.17%
  • V
    (Visa Inc)
    • $214.28 USD
    • 3.36
    • 1.57%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus