Gasoline Prices Are Dropping, As Demand Falls

Posted By on December 18, 2011

A new recession is coming, as we’re seeing all the signs of it ahead of time.

“The U.S. gasoline market continues to receive down pressure from falling gasoline demand.” according to Trilby Lundberg, president of Lundberg Survey in Camarillo, California. 

Gasoline demand at the pump in the week ended Dec. 9 was 8.76 million barrels a day, down 4.6 percent from a year earlier, according to MasterCard Inc.’s SpendingPulse report on Dec. 13. Year-to-date demand is down 1.6 percent from a year earlier.

U.S. gasoline stockpiles  jumped 3.82 million barrels to 218.8 million in the week ended Dec. 9, the highest level since March, the Energy Department rported Dec. 14. Inventories have risen 14.7 million barrels, or 7.2 percent

The highest price in the lower 48 U.S. states among the cities surveyed was in San Francisco, where customers paid an average of $3.57 a gallon. The lowest price was in Albuquerque, New Mexico, where a gallon averaged $2.83, Lundberg said.

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