Gasoline Pump Demand Down

Gasoline Pump Demand Down

A survey by MasterCard SpendingPulse found gasoline demand at the pump fell 0.6 percent last week compared with the week before.

Compared with the same week a year ago, demand was down 7 percent. Study author Michael McNamara said the seasonal lift in gasoline demand that normally occurs around this time of year seems stalled, possibly because of record high gasoline prices and the sluggish U.S. economy.

“It looks like consumer behavior is changing. Higher gasoline prices are really putting a dent in the year-over-year numbers as well,” 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.

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