NEW YORK - U.S. retail gasoline demand last week rose 2.8 percent from the same period last year, but dropped 2.4 percent week-on-week, according to a MasterCard SpendingPulse report released on Tuesday.
Year-on-year gasoline demand remained volatile due to the 2008 financial crisis as well as some pipeline disruptions in the southern United States after the 2008 hurricane season, said Michael McNamara, vice president of research and analysis at MasterCard Advisors.
Gasoline demand averaged 9.006 million barrels per day during the week Oct. 9, the lowest reading on barrels pumped per day since the week ending Sept. 11, 2009, according to the weekly report.
The four-week moving average of U.S. gasoline consumption, however, climbed 3.7 percent year-over-year.
Retail prices for gasoline averaged of $2.45 a gallon, 28.2 percent below year-ago levels.
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 (MA.N).
(Reporting by Rebekah Kebede; Editing by David Gregorio)