Gasoline Demand Slowdown Continues
Gasoline demand at the pump last week fell 3.6 percent from the week before, according to a survey by MasterCard SpendingPulse. Compared with the same week last year, demand was down 4.7 percent.
Study author Michael McNamara says post-Memorial Day holiday pumping accounts for much of the week-to-week decrease, but the year-to-year decline shows that demand is still down compared to 2007.
“Year-to-date, gasoline consumption has declined 1.8 percent when compared to a similar length of time in 2007,” said McNamara.
“The regional year-over-year view shows all regions are consuming less gasoline when compared to a similar week in 2007, with the West Coast showing the most significant decrease while also having the highest average gasoline prices.”
Retail prices for regular gasoline remain at historic highs and are up 88 cents since the beginning of 2008, McNamara said.
SpendingPulse is a macroeconomic indicator of national retail sales based on aggregate sales activity in the MasterCard payments network, together with estimates for all other payment forms, including cash and check. MasterCard SpendingPulse does not represent MasterCard financial performance.