Tags: Gasoline | Demand | MasterCard | price

MasterCard: Gasoline Demand Increases 3.4% Despite Higher Prices

Tuesday, 20 March 2012 02:25 PM

U.S. gasoline demand rose 3.4 percent last week even as demand slipped below year-earlier levels for the 29th consecutive week, MasterCard Inc. said.

Drivers bought 8.78 million barrels a days of gasoline in the seven days ended March 16, according to MasterCard’s SpendingPulse report.

Purchases totaled 61.4 million barrels, exceeding 60 million for the first time in 12 weeks.

Gasoline demand year-to-date is 5.6 percent below a year earlier. That’s the biggest decline for this time of the year in MasterCard records, which go back to July 2004.

Last week’s demand also fell 5.6 percent below a year earlier. Fuel use over the previous four weeks was 6.6 percent below the same period in 2011, the 52nd consecutive decline in that measure.

The average pump price rose 7 cents to $3.84 a gallon, the highest price since May 20. Gasoline has jumped 15 percent this year and 7.9 percent in the past year.

The highest prices are on the West Coast, where the average was $4.22 a gallon. The lowest prices were in the Lower Atlantic, where a gallon averaged $3.75.

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. is the biggest payments network company by transactions processed.

© Copyright 2021 Bloomberg News. All rights reserved.

Tuesday, 20 March 2012 02:25 PM
Newsmax Media, Inc.
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved