Tags: Gasoline | Demand | Rose | Holiday

Gasoline Demand Rose Ahead of Holiday as Prices Climbed, MasterCard Says

Thursday, 23 February 2012 08:29 AM

U.S. retail gasoline demand rose last week as motorists filled up their tanks ahead of the long holiday weekend, MasterCard said in its weekly SpendingPulse report.

Retail gasoline demand rose by 3.4 percent in the week to Feb. 17, compared with the previous week, even as the average price of gasoline rose by 3 cents a gallon to $3.53, MasterCard data showed.

The Presidents Day holiday on Monday led to the surge in gasoline consumption as motorists prepared to travel for the long weekend, according to John Gamel, gasoline analyst with MasterCard.

"We saw this last year as well — in fact the week-to-week increase was slightly higher," Gamel added.

Demand grew by 4.5 percent week-on-week on the period before the Presidents Day holiday, MasterCard data shows.

However, demand was 6.4 percent lower than a year ago as pump prices held 12.1 percent above levels seen in the same period in 2011.

"There was some sluggishness in New England and Central Atlantic but this might be a post Super Bowl effect," Gamel said.

The four-week moving average demand dropped 5.7 percent compared with last year, the 48th consecutive year-over-year decline.

MasterCard Advisors, a unit of MasterCard Inc, estimates retail gasoline demand based on aggregate sales in the MasterCard payments system coupled with estimates for other payment forms including cash and checks.

© 2018 Thomson/Reuters. All rights reserved.

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Thursday, 23 February 2012 08:29 AM
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