Gasoline demand drops as price rises

chart_ws_commodity_energy_oil.top.pngClick for more commodities data. By Charles Riley, staff reporter


NEW YORK (CNNMoney) -- Demand for gasoline, which has seen a price spike at the pump has dropped sharply, a government report revealed Wednesday.

Gasoline demand fell to 8.943 million barrels per day from 9.148 million a week ago, according to the U.S. Energy Information Administration.

Gasoline prices and taxes by state
Prices at the pump can vary widely among states due to a number of factors. More

That suggests Americans are adjusting their consumption habits as prices shoot through the roof.

The national average price for a gallon of gasoline rose about two cents from the previous day to $3.98. In the past week, the averageprice of gasoline has climbed about ten cents.

Meanwhile, crude inventories grew by 3.4 million barrels last week, while oil demand fell by 1.256 million barrels per day, the EIA report said.

After losing more than 2% in the previous session, oil for June delivery fell an additional $1.81 or 1.6% to settle at $109.24 a barrel Wednesday.

The drop in demand comes as the Institute for Supply Management also brought gloomy news, showing its reading on the services sector fell to an 8-month low in April.

That suggests economic activity in the United States might be slowing, which would lower demand for oil products. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.78%3.79%
15 yr fixed2.98%2.93%
5/1 ARM3.06%2.99%
30 yr refi3.85%3.85%
15 yr refi3.05%3.00%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 18,080.14 21.45 0.12%
Nasdaq 5,092.09 36.02 0.71%
S&P 500 2,117.69 4.76 0.23%
Treasuries 1.92 -0.03 -1.54%
Data as of 4:09pm ET
Company Price Change % Change
Microsoft Corp 47.87 4.53 10.45%
Apple Inc 130.28 0.61 0.47%
Comcast Corp 59.64 0.41 0.69%
AT&T Inc 34.01 -0.22 -0.64%
Xerox Corp 11.99 -1.15 -8.75%
Data as of Apr 24

Sections

Shares in Italian bank Intesa Sanpaolo dropped sharply Friday after hoaxers claimed its CEO had quit after faking billions in profits. More

The impact of rising immigration on Britain's economy has become a hot topic in the election campaign. More

Stars of Youtube, Vine, Snapchat, and Twitter are attending this year's White House Correspondents' Dinner. More

A Girl Scouts Cookie Oven rolling out to Wal-Mart, Target, Kmart stores this summer will let you bake those iconic thin mints right at home. More