Demand for gasoline rising with prices

By Reuters
Posted March 1 at 1:09 p.m.

U.S retail gasoline demand rose 3.1 percent in the latest week despite a sharp jump in pump prices as warmer weather boosted demand , MasterCard Advisors’ SpendingPulse report showed Tuesday.

Average gasoline demand climbed 3.1 percent, to 9.118 million barrels per day, in the week to Feb. 25.

Year-over-year, demand rose 3.8 percent, the seventh consecutive weekly gain this year.

In the latest four weeks, U.S. gasoline consumption rose by 2.6 percent year-over-year.

Retail gasoline prices rose 9 cents last week, to $3.24, up 21.3 percent from a year earlier, after crude oil prices surged on unrest in the Middle East, MasterCard said.

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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