US retail gasoline demand down 3 pct -MasterCard
NEW YORK |
NEW YORK Feb 8 (Reuters) - U.S. retail gasoline demand fell last week for the first time in a month after a massive snowstorm hit a large swath of the country, clogging traffic and curbing demand.
Average gasoline demand fell 3 percent to 8.73 million barrels per day in the week to Feb. 4.
Demand fell steeply in the New England, Central Atlantic and Midwest regions as drivers stayed put because of severe weather conditions.
Demand increased by 3.1 percent, however, compared to the same week a year ago.
Over the latest four weeks, U.S. gasoline consumption rose by 2.7 percent year-over-year. This is the largest four-week average demand growth registered since July 2010.
Average retail gasoline prices were steady at $3.10 a gallon, for the second straight week.
MasterCard Advisors estimates retail gasoline demand based on aggregate sales activity in the MasterCard payments system coupled with estimates for all other payment forms including cash and checks. MasterCard Advisors is a unit of MasterCard Inc (MA.N).
(Reporting by Selam Gebrekidan; Editing by Lisa Shumaker)
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