Reuters: U.S.: Gasoline demand dips as prices rise

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Gasoline demand dips as prices rise Oct 16th 2012, 18:17 Tweet Share this Email Print Related News Factory output up modestly, inflation looks in check 12:48pm EDT Nearing expiry, Brent November crude rises on North Sea delay Mon, Oct 15 2012 U.S. jobless claims fall to lowest in four and half years Thu, Oct 11 2012 UPDATE 3-California gasoline prices ebb at last after record run Wed, Oct 10 2012 Analysis: After California pump price spike, NY heating oil could be next Wed, Oct 10 2012 A gas nozzle is used to pump petrol at a station in New York February 22, 2011. Credit: Reuters/Shannon Stapleton NEW YORK | Tue Oct 16, 2012 2:17pm EDT NEW YORK (Reuters) - Gasoline demand fell last week, compared with a year earlier, as a sharp uptick in southern California gasoline prices raised the average price motorists paid across the nation, a bi-weekly report from MasterCard showed on Tuesday. Gasoline demand last week fell 3.9 percent from a year earlier, on top of its 2.4 percent decline, year-over-year, in the previous week, MasterCard's report showed. On average, demand over the two weeks ending October 12 fell 3.1 percent lower than a year ago. The average price of a gallon rose 4.00 cents-a-gallon to $3.82, 11.7 percent higher than in the same week last year. This followed a sharp, 31-cent rise in southern California pump prices over the last two weeks, after refinery outages created a severe supply shortage there. MasterCard's data also showed that the four-week moving average for demand fell 2.1 percent last week. In week-to-week terms, demand first dropped by 1.7 percent in the week to October 5 then rose by 0.7 percent last week, the report showed. 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. Earlier this year, MasterCard changed the frequency of its report from weekly to every other week. (Reporting by Selam Gebrekidan; editing by Andrew Hay) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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