Pump Demand Still Down From Last Year
Gasoline demand at the pump last week was down 2.7 percent from a year ago, according to a survey by MasterCard SpendingPulse.
The average national retail price for a gallon of regular gasoline rose 3 cents and is 35.7 percent higher than one year ago. Gas prices are up $1.01 since the beginning of the year.
“The weekly pattern of pumping shows weaker pumping year-to-year comparisons on the weekend while pumping during the work week is somewhat more stable,” said Michael McNamara, vice president research and analysis for MasterCard Advisors.
“It appears that consumers are altering their pumping habits more consistently throughout the week as opposed to just on weekends.”
McNamara said the reasons for the changes are unclear, but could include more car pooling, working at home and increased use of public transportation.
A macro-economic indicator, SpendingPulse reports on national retail sales and is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. MasterCard SpendingPulse does not represent MasterCard financial performance.
