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GasBuddy News Article

votes

U.S. Gasoline Demand Falls 2.7%, MasterCard Says

Bloomberg -- June 24 (Bloomberg) -- U.S. gasoline demand fell 2.7 percent last week, the ninth consecutive decline, a sign motorists are cutting back on vacation plans as pump prices touch records, a MasterCard Inc. report today showed.

Consumers purchased an average 9.45 million barrels of gasoline a day in the week ended June 20, down from 9.71 million a year earlier, MasterCard, the second-biggest credit-card company, said in its weekly SpendingPulse report.

The drop in demand came with prices at the pump up 36 percent from a year ago, according to the report. Prices have surged amid a doubling of crude oil, which accounts for about 73 percent of the cost of gasoline.

Read the Full Article

Submitted Jun 25, 2008 By: JT

Category: Daily News Article Discussions > Topics	Add to favorite topics Post New Topic

Author	Topic: U.S. Gasoline Demand Falls 2.7%, MasterCard Says	Post a Reply Back to Topics

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magnumCA Champion Author Los Angeles Posts:2,219 Points:438,950 Joined:Jan 2008	Message Posted: Jun 26, 2008 9:34:27 PM Ignore magnumCA Report Abuse are you shocked
TwoWheelRider Sophomore Author Montgomery Posts:146 Points:56,585 Joined:Jun 2008	Message Posted: Jun 26, 2008 1:45:42 PM Ignore TwoWheelRider Report Abuse CosmicP "MC's report is based only on their transactions and is not scientific or meaningful." Exactly!!!
MetroSexual Champion Author New Hampshire Posts:2,356 Points:276,360 Joined:Aug 2005	Message Posted: Jun 26, 2008 12:21:05 PM Ignore MetroSexual Report Abuse Okay -- MasterCard isn't accepted at ARCO, one of the largest distributors of gasoline in the west. In California, where one out of eight people now lives, ARCO stations are plentiful. So, the numbers are probably really skewed since ARCO prices are usually among the lowest, and consumers are scrambling to get the best deal.
tomok Champion Author Portland Posts:14,095 Points:941,685 Joined:Aug 2006	Message Posted: Jun 26, 2008 12:11:00 PM Ignore tomok Report Abuse gasoline demand falls but the price goes up....
glazarides All-Star Author Akron Posts:754 Points:455,380 Joined:Jul 2006	Message Posted: Jun 26, 2008 11:49:14 AM Ignore glazarides Report Abuse No surprise to me.
ramshot412 Champion Author Riverside Posts:13,648 Points:1,364,270 Joined:Apr 2004	Message Posted: Jun 26, 2008 11:00:30 AM Ignore ramshot412 Report Abuse "The sky is falling!" That's okay. I got my pith helmet on.
Mr.Dirt Champion Author Albany Posts:3,013 Points:1,457,720 Joined:Mar 2004	Message Posted: Jun 26, 2008 10:50:35 AM Ignore Mr.Dirt Report Abuse and the price still goes up
tags610 Champion Author Lincoln Posts:3,500 Points:736,610 Joined:Nov 2005	Message Posted: Jun 26, 2008 10:41:45 AM Ignore tags610 Report Abuse The sky is falling!
kingdick Champion Author Minnesota Posts:21,880 Points:1,750,470 Joined:Aug 2004	Message Posted: Jun 26, 2008 10:39:49 AM Ignore kingdick Report Abuse ----------------------------------- Who would believe a conniving gouging mastercard -----------------------------------
Terryforegolf Champion Author Lansing Posts:1,054 Points:411,575 Joined:Dec 2006	Message Posted: Jun 26, 2008 10:33:51 AM Ignore Terryforegolf Report Abuse Took a long weekend and camped. Camp ground was 2/3 full at best. Last year it was packed. Gas is definately hurting the tourism business.
Grampoo46 Rookie Author Syracuse Posts:41 Points:27,365 Joined:Jun 2008	Message Posted: Jun 26, 2008 10:33:51 AM Ignore Grampoo46 Report Abuse This is a surprise? Good news reporting.... Next they'll make a big deal of Truck & SUV sales dropping and small car sales rising. DUH!
hangupanddrive Champion Author Michigan Posts:1,118 Points:1,000,755 Joined:Aug 2005	Message Posted: Jun 26, 2008 10:32:13 AM Ignore hangupanddrive Report Abuse Conservation never was a bad thing. High inflated pricing is still another.
CosmicP Champion Author Dallas Posts:3,995 Points:696,575 Joined:Nov 2006	Message Posted: Jun 26, 2008 10:28:10 AM Ignore CosmicP Report Abuse MC's report is based only on their transactions and is not scientific or meaningful.
esquared Champion Author Oklahoma City Posts:2,262 Points:803,615 Joined:Jan 2006	Message Posted: Jun 26, 2008 10:27:54 AM Ignore esquared Report Abuse I'll continue to use my Discover card, thank you.
roydarecker Champion Author Minnesota Posts:4,012 Points:856,985 Joined:Sep 2006	Message Posted: Jun 26, 2008 10:25:56 AM Ignore roydarecker Report Abuse glad to hear it.
ardmoretoday Champion Author Oklahoma Posts:1,424 Points:569,265 Joined:May 2007	Message Posted: Jun 26, 2008 10:25:33 AM Ignore ardmoretoday Report Abuse So if it fell 2.7% then gas should go down at least 11 cents / gallon.
woos777 Champion Author Washington Posts:2,611 Points:864,055 Joined:Sep 2006	Message Posted: Jun 26, 2008 10:23:24 AM Ignore woos777 Report Abuse Yes, but stealing gas is up.
acknot Champion Author Seattle Posts:1,308 Points:730,620 Joined:Sep 2003	Message Posted: Jun 26, 2008 10:21:08 AM Ignore acknot Report Abuse We can't afford to drive.
radicale All-Star Author Calgary Posts:915 Points:230,625 Joined:Aug 2006	Message Posted: Jun 26, 2008 10:20:33 AM Ignore radicale Report Abuse Use is down and there is still a shortage?
REVLAW Champion Author San Antonio Posts:3,224 Points:610,240 Joined:Jul 2007	Message Posted: Jun 26, 2008 10:18:12 AM Ignore REVLAW Report Abuse Yesterday's news. Perhaps later.
mistymiss Champion Author Fresno Posts:5,024 Points:893,640 Joined:Apr 2006	Message Posted: Jun 26, 2008 10:15:38 AM Ignore mistymiss Report Abuse It's dropped more at my house then 2.7 %, much more! So has everything thing else! Greedy gas companies!
rbdesigns All-Star Author Modesto Posts:513 Points:351,195 Joined:May 2008	Message Posted: Jun 26, 2008 10:15:36 AM Ignore rbdesigns Report Abuse It's pretty bad when you have to run your credit card through twice to fill up!
domer2 Champion Author Gary Posts:1,487 Points:500,925 Joined:May 2007	Message Posted: Jun 26, 2008 10:13:17 AM Ignore domer2 Report Abuse need a mortgage instead of plastic to fill up
Rageagainsttm Champion Author Tampa Posts:2,859 Points:616,960 Joined:Jul 2007	Message Posted: Jun 26, 2008 10:12:10 AM Ignore Rageagainsttm Report Abuse dah of course its dropping people are trying to drive less
bow22ler Champion Author Houston Posts:1,996 Points:597,565 Joined:Jan 2007	Message Posted: Jun 26, 2008 10:11:40 AM Ignore bow22ler Report Abuse drill here now
nyacoub1 Champion Author Chicago Posts:1,165 Points:80,435 Joined:May 2007	Message Posted: Jun 26, 2008 10:11:17 AM Ignore nyacoub1 Report Abuse why should we listen to mastercard?
switz1873 Sophomore Author Ohio Posts:165 Points:73,730 Joined:Dec 2005	Message Posted: Jun 26, 2008 10:10:16 AM Ignore switz1873 Report Abuse Good.
pug07rb Sophomore Author Alabama Posts:110 Points:60,185 Joined:May 2008	Message Posted: Jun 26, 2008 10:09:51 AM Ignore pug07rb Report Abuse Why would we listen to a credit card company??
Chazzer Champion Author Nevada Posts:9,137 Points:1,934,910 Joined:May 2002	Message Posted: Jun 26, 2008 10:09:33 AM Ignore Chazzer Report Abuse Not for long ... however!
rbdesigns All-Star Author Modesto Posts:513 Points:351,195 Joined:May 2008	Message Posted: Jun 26, 2008 10:08:44 AM Ignore rbdesigns Report Abuse I guess they knew what they were doing a while back when they put a bank machine at the gas pumps. now we really need it to fill up because I don't like to carry that much cash!
RochBear Champion Author Minnesota Posts:3,000 Points:701,330 Joined:May 2006	Message Posted: Jun 26, 2008 10:08:14 AM Ignore RochBear Report Abuse Less people are using Master card for gas purchase. Now actual demand has dropped too. This is good. There must be a silver lining to this storm cloud. It will take many years for the current fleet of cars to die, and be replaced with higher efficient cars. But as people drive less, drive less agressively, and slowly replace the gas hogs with gas sippers, actual demand will drop. However, the world demand is flat to still increasing. And oil is a global commodity. Therefore, don't expect the price at the pump to drop.
r651981 All-Star Author Columbus Posts:509 Points:449,615 Joined:May 2006	Message Posted: Jun 26, 2008 10:07:30 AM Ignore r651981 Report Abuse Even with reduced U. S. demand, third world economies are starving for fuel. Only when we are Energy Independent will the U. S. avoid this critical National Security threat.
murdershewrote Champion Author Riverside Posts:2,646 Points:1,213,885 Joined:Mar 2005	Message Posted: Jun 26, 2008 10:05:50 AM Ignore murdershewrote Report Abuse someone noticing this?..big oil?..goverment?
bargainhunterTX Champion Author Austin Posts:2,250 Points:370,350 Joined:Mar 2008	Message Posted: Jun 26, 2008 10:04:33 AM Ignore bargainhunterTX Report Abuse I don't use MC at the pump... Of course, I'm also not driving as much as before either...
kidmikey37 All-Star Author Texas Posts:514 Points:137,770 Joined:Apr 2008	Message Posted: Jun 26, 2008 10:02:56 AM Ignore kidmikey37 Report Abuse just bring cash and cut someone out of the greed
eaglev Champion Author Oklahoma City Posts:1,872 Points:507,825 Joined:Jul 2005	Message Posted: Jun 26, 2008 10:00:27 AM Ignore eaglev Report Abuse World demand is up so when we cut back the rest of th world buy it. we need to drill here, drill now and build now.
PKVol Champion Author Nashville Posts:3,278 Points:546,395 Joined:Jun 2003	Message Posted: Jun 26, 2008 9:59:48 AM Ignore PKVol Report Abuse Does this reduction by MasterCard take into account the number of stations that have stopped taking credit cards because of the unreasonably high fees the card companies charge the station owners for processing those payments? If I was a merchant and I was giving up $0.08 - $0.12 per gallon I sold to the credit card companies, I'd stop accepting them too.
HawaiianGuy Champion Author Idaho Posts:2,496 Points:1,696,445 Joined:May 2003	Message Posted: Jun 26, 2008 9:57:09 AM Ignore HawaiianGuy Report Abuse From MasterCard, eh? I just read the other day where more and more stations are taking Cash Only because the credit card fees, in some cases, are costing them MORE than they're making in profits. That's downright wrong. Another example of unbridled greed.
dieselfreak Champion Author Toronto Posts:1,453 Points:786,500 Joined:Jul 2005	Message Posted: Jun 26, 2008 9:52:49 AM Ignore dieselfreak Report Abuse MasterCard cannot possibly measure this accurately. I have a Mastercard, but sometimes use another card, and sometimes use cash.
Vin63 Veteran Author San Bernardino Posts:408 Points:157,000 Joined:Oct 2007	Message Posted: Jun 26, 2008 9:47:50 AM Ignore Vin63 Report Abuse With all of the reports and statistics confirming that demand is down, it's interesting how prices keep increasing. Let me see if I got this right... Demand is high, prices increase Demand is low, prices increase
copperhead8 Champion Author Boston Posts:7,382 Points:1,428,595 Joined:Dec 2004	Message Posted: Jun 26, 2008 9:45:35 AM Ignore copperhead8 Report Abuse makes sense
ashleybro Veteran Author Indiana Posts:378 Points:34,425 Joined:May 2008	Message Posted: Jun 26, 2008 9:44:42 AM Ignore ashleybro Report Abuse what does mastercard have to do with gas? except that is the only way we can afford gas anymore. putting it on mastercard.
KellysDad Champion Author Jackson Posts:1,228 Points:471,620 Joined:May 2007	Message Posted: Jun 26, 2008 9:43:33 AM Ignore KellysDad Report Abuse The monthly MasterCard press release...
brogan56 Champion Author Colorado Springs Posts:10,889 Points:1,788,245 Joined:Mar 2004	Message Posted: Jun 26, 2008 9:43:05 AM Ignore brogan56 Report Abuse Demand falls 2.7%, prices rise 5%, where is the disconnect here...
rod1965 Champion Author Portland Posts:1,292 Points:232,555 Joined:Jul 2007	Message Posted: Jun 26, 2008 9:41:12 AM Ignore rod1965 Report Abuse people are paying with cash more than their credit cards because it costs less.
scrounger Champion Author Vancouver Posts:7,098 Points:1,874,140 Joined:Mar 2003	Message Posted: Jun 26, 2008 9:40:37 AM Ignore scrounger Report Abuse and of course.......mastercard is an infallible source
jrnascar Veteran Author Dayton Posts:276 Points:177,125 Joined:Jul 2006	Message Posted: Jun 26, 2008 9:40:15 AM Ignore jrnascar Report Abuse Of course demand is dropping. Who can afford these prices?
jetsfan6 Champion Author New Jersey Posts:3,760 Points:739,280 Joined:Apr 2004	Message Posted: Jun 26, 2008 9:36:54 AM Ignore jetsfan6 Report Abuse comment, murmur, comment, murmur.....
Sealer Champion Author Charleston Posts:3,963 Points:521,705 Joined:Jan 2008	Message Posted: Jun 26, 2008 9:34:57 AM Ignore Sealer Report Abuse Of course people use less of any product when the price goes up.
Cerberus2k Veteran Author Phoenix Posts:376 Points:310,320 Joined:Apr 2008	Message Posted: Jun 26, 2008 9:31:27 AM Ignore Cerberus2k Report Abuse Healthcare, food, & gas prices are increasing but wages are not. Something has to give.