MasterCard's SpendingPulse Shows Gas Demand Fell for 13th Consecutive Week
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Bloomberg reports that MasterCard's (NYSE: MA) weekly SpendingPulse showed that gasoline demand in the U.S. fell for the 13th consecutive time last week, likely due to record gas prices causing consumers to scale back their driving.
According to the MasterCard Advisors report, drivers purchased an average of 9.56 million barrels of gasoline a day during the week ended July 11. This level represents a 3.4% decline from 9.89 million barrels a day during the same period last year. Similarly, gasoline demand is down 2.2% year-to-date versus the similar period in 2007.
Further, MasterCard said that demand declined the most in the West and Rocky Mountain regions, with nationwide demand actually up 1.4% from the prior week. The MasterCard report also said that the average price of gas rose $0.01 to $4.10 per gallon, up 36% from $2.98 per gallon at the end of last year.
MasterCard Incorporated, together with its subsidiaries, provides transaction processing and related services to customers principally in support of their credit, deposit access, electronic cash and automated teller machine payment card programs, and travelers cheque programs.
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Card popularity dropped
Esther Stuart on Jul 23, 2008 05:07 AMWhile traveling in Ca I noticed some service stations discouraged customers using cards. Gas is expensive, the fee the card company charge the station made it even more expensive. 5%?