May 24, 2011 / 6:50 PM / 8 years ago

UPDATE 1-US gasoline demand dips even as cost falls-MasterCard

 * Gasoline price fell 5 cents a gallon last week- report
 * Prices still 38.5 pct higher than a year ago
 (Adds details, graphic)
 NEW YORK, May 24 (Reuters) - U.S. retail gasoline demand
fell last week versus a year earlier, as prices dropped for a
second straight week but stayed above 2010 levels, a report by
MasterCard Advisors' SpendingPulse showed on Tuesday.
 Average weekly gasoline demand fell 2 percent in the week
to May 20 compared with the same period a year ago, the report
 Demand fell 1.4 percent compared with the previous week.
 Retail gasoline prices dipped 5 cents to an average $3.92 a
gallon last week, but were 38.5 percent higher than a year
earlier, MasterCard said.
 The U.S. Energy Information Administration (EIA) said on
Monday prices fell 11.1 cents a gallon to $3.85 a gallon last
week after cheaper RBOB gasoline futures contracts on the New
York Mercantile Exchange (NYMEX) RBc1 saved drivers money at
the pump.
 Prices were about 38 percent higher than the same period
last year, according to EIA estimates.
 Over the latest four weeks, average U.S. gasoline
consumption fell 1.6 percent from year-earlier levels, the
ninth straight drop.
 (Graphic on four-week average demand:
 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.
 (Reporting by Selam Gebrekidan; Editing by Dale Hudson)

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