Gasoline Demand Plunges

Posted By on January 5, 2012

Folks, this is starting to look like a trend. It may be a combination of things, i.e., less driving, newer cars with better mpg, and older demographics in play (which means less driving) or….it could just be a freak of nature?  Never the less, prices have come down, but not as much as one would surmise in retrospect.  We’ll remind everyone that while the peek driving season into Memorial Day lies dead ahead, so do seasonally higher gas prices.

From Bloomberg:

When it comes to determining real consumer purchasing power, the real answer lies at the pump. According to MasterCard, U.S. gasoline demand sank 14 percent from the prior week to the lowest level in more than seven years of records.  “Drivers bought 8.16 million barrels a day of gasoline in the week ended Dec. 30, down from 9.46 million the week before, according to MasterCard’s SpendingPulse report. MasterCard’s data goes back to July 2004.”

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