U.S. retail gasoline demand down year-on-year: MasterCard
NEW YORK (Reuters) - U.S. retail gasoline demand so far this year is down 1.8 percent from the same time last year as higher gasoline prices continue to slow consumption, MasterCard Advisors said Tuesday.
"Again, this lower pumping in 2008 is most likely due to record high gasoline prices and a softer economic environment," said Michael McNamara, vice president of MasterCard Advisors.
Average retail gasoline prices were up 10 cents to $3.94 per gallon, setting a new record of almost 24 percent higher than they were at the same time last year, according to the MasterCard report.
Motorists pumped an average of 9.043 million barrels per day in the week that ended May 30, a 3.6 percent drop from the previous week and 4.7 percent below last year's level.
The four-week moving average for gasoline demand was negative for the 16th week in a row, dropping 6 percent from last year's levels.
The four-week moving average "continues to indicate that Americans are changing driving habits and consuming less gasoline," McNamara said.
MasterCard Advisors estimates retail gasoline demand based on aggregate sales activity in the MasterCard payments system coupled with estimates for all other payment forms. MasterCard Advisors is a unit of MasterCard Inc (MA.N).
(Reporting by Rebekah Kebede; Editing by David Gregorio)
