U.S. gasoline demand fell 2.7 percent last week, 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. It was the ninth consecutive week of declines from the year-earlier period.
So, when OPEC tells you that the demand is what’s causing the rise in price, you can tell them they are lying. A 2.7% decrease in consumption in the US is enough to drop the price significantly. But then, they’ll point to China and India, VASTLY smaller markets and try to blame everyone but themselves.
The sooner we break their backs of oil price gouging, the better.
Travis
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