Gasoline demand down over last two weeks: MasterCard

Reuters News
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Posted: Jul 10, 2012 2:44 PM
Gasoline demand down over last two weeks: MasterCard

(Reuters) - U.S. motorists pumped fewer gallons of gasoline into their cars during the last two weeks as they faced economic uncertainty, MasterCard's SpendingPulse report showed on Tuesday.

Demand over the two weeks ended on Friday was 4.1 percent lower than a year earlier, the data showed.

Gasoline consumption last week, which included the July 4 holiday on Wednesday, was down 3 percent from the previous week.

The average price of gasoline fell 15 cents over the two-week period to $3.33 a gallon, 7 percent lower than a year earlier, MasterCard said.

The four-week moving average for demand fell for the 68th consecutive week, down 3.9 percent from a year earlier.

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.

MasterCard changed the frequency of this report this summer from weekly to every two weeks.

(Reporting by Selam Gebrekidan in New York; Editing by Lisa Von Ahn)