Survey Finds Demand Down at the Pumpadmin
Gasoline demand at the pump last week was down 3.8 percent compared with the same week last year, according to a survey by MasterCard SpendingPulse. It is the seventh consecutive week of year-over- year decline in weekly demand.
The survey finds average retail prices for a gallon of regular gasoline increased 0.8 percent last week, up 3 cents across the nation, and now stand 27.2 percent higher than one year ago. Gas prices remain at an historic high, and are up 91 cents since the beginning of the year.
“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,” said study author Michael McNamara.
“Year-to-date, gasoline consumption has declined 1.9 percent when compared to a similar length of time in 2007,” he said.
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.