A survey by MasterCard SpendingPulse shows retail gasoline demand at the pump last week rose 2.7 percent when compared with the week before. Looking at the comparable week a year ago, demand was down 5.5 percent.
The four-week moving average showed an even bigger decline in demand — down 6.3 percent from a year ago.
Survey author Michael McNamara says pre-Memorial Day holiday pumping accounts for much of the week-to-week increase, but the year-to-year decline shows that demand is still down.
“The four-week moving average has been negative for 15 consecutive weeks,” said McNamara. Year-to-date, gas pumping is down 1.7 percent compared to last year.”
The survey says retail prices for a gallon of regular gasoline increased 2.1 percent last week — up 8 cents on average across the nation. Gas prices are up 78 cents a gallon since the beginning of the year.
SpendingPulse is a macroeconomic indicator of national retail sales based on aggregate sales activity in the MasterCard payments network, together with estimates for all other payment forms, including cash and check. MasterCard SpendingPulse does not represent MasterCard financial performance.