MasterCard's SpendingPulse Shows Gas Demand Fell for 13th Consecutive Week
More News related to MA
- MasterCard Incorporated to Participate in Lehman Brothers Global Financial Services Conference
- Marksmen Resources Ltd.: Second Quarter Financial and Operating Results and Update of Activities
- William Blair Starts MasterCard (MA) at Outperform
- William Blair & Company Initiates Coverage of Visa Inc. and MasterCard Incorporated With Outperform Ratings
- Notable Analyst Rating Changes 8/19: MA, DKS, AFFY Upgraded; DRI, ADP, BIOF Downgraded
More News related to Corporate News
- Sapient (SAPE) Announces Completion of Stock Option Investigation
- NuStar Pipeline (NS) Expansion to Increase Fuel Supply to Northern Midwest States
- Westaff (WSTF) Signs Second Forbearance Agreement
- Allegheny Power (AYE) Files for Rate Increase in West Virginia
- JAKKS Pacific (JAKK) Announces Dismissal of Court Action Against World Wrestling Entertainment (WWE)
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.
Related Categories
Corporate NewsInsiders' Blog
Stocks Mentioned
+0.07Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
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%?