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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Brumar89 who wrote (423566)	10/7/2008 7:03:22 PM
From: tejek	Respond to of 1571924

US gasoline demand down on economic woes-MasterCard Tue Oct 7, 2008 2:00pm EDT NEW YORK, Oct 7 (Reuters) - U.S. retail gasoline demand dropped to its lowest level since September 2005 as gasoline demand dwindled due to the wider U.S. economic slowdown, MasterCard Advisors said Tuesday. "There was a significant slowdown in consumer spending across most categories that we track," said Michael McNamara, vice president of research and analysis at MasterCard Advisors. "It's kind of a ripple effect that runs through the different areas of consumer spending," he said. Spending on consumer products from furniture to electronics fell more than 10 percent in September, and gasoline seemed to be following the general trend of consumer cutbacks, McNamara pointed out. American motorists pumped an average of 8.625 million barrels per day in the week ended Oct. 3, down 5 percent from the previous week, MasterCard said in its weekly SpendingPulse report. Year-on-year, gasoline demand plunged 9.5 percent. Gasoline prices fell as demand slowed, with the national average price down 12 cents at $3.71 per gallon, but are still 33.5 percent higher than they were at this time last year. High gasoline prices have been a major factor in pressuring gasoline demand in the U.S. during the past year. "The price story is still there, but the overall economic slowdown really seems to be capturing people over the last week or two, especially in the last week, and we think that might be showing up in some of these gasoline numbers as well," McNamara said. Continued... Previous Page 1 \| 2 Next Page reuters.com