Gasoline demand dropped 3% last week

By Reuters
Posted Aug. 31, 2010 at 1:29 p.m.

U.S. weekly retail gasoline demand on average fell 3.1 percent, to 9.169 million barrels per day, last week, as the summer driving season draws to a close, according to the SpendingPulse report released Tuesday by MasterCard Advisors. Year-on-year, U.S. gasoline demand rose 0.7 percent, in the week ending Aug. 27, the survey showed.

The national average retail price for gasoline fell 4 cents, to $2.68 per gallon, the report said.

In the last four weeks, gasoline consumption in the world’s top oil consumer rose by an average 0.8 percent from a year earlier.

MasterCard Advisors estimates retail gasoline demand based on aggregate sales activity in the MasterCard payments system coupled with estimates for all other payment forms including cash and checks. MasterCard Advisors is a unit of MasterCard Inc.

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