More signs of high gas prices leading to reduced demand. The Bloomberg article is written somewhat unclearly. The 2.7% fall in retail gas purchases is in comparison to the prior year.. From Bloomberg:
U.S. gasoline demand fell 2.7 percent last week, a sign motorists are cutting back on vacation plans as pump prices touchrecords, 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. It was the ninth consecutive week of declines from the year-earlier period.
Demand rose 1.5 percent from the previous week.
“High gasoline prices are depressing the normal peak driving season that occurs this time of year,” Michael McNamara, vice president of research and analysis for MasterCard Advisors, said in an e-mail.