KEY POINTS:
WASHINGTON - Rising petrol prices have not discouraged Americans from driving, as weekly US motor fuel demand reached a new record high for April, the government said today.
The national price for regular unleaded petrol soared 9.5 cents over the last week to US$2.80 ($3.84) a gallon, up 12 cents from a year ago. It was the 10th straight weekly increase.
At the same time, petrol consumption last week averaged 9.472 million barrels a day, a record for April, according to the federal Energy Information Administration.
"The latest weekly data showed demand continuing to grow at a strong clip... It takes a large increase in prices to significantly affect demand," the Energy Department's analytical arm said in its weekly review of the oil market.
Last week's petrol demand shattered the prior April record of 9.338 million barrels a day set in 2004, the EIA said.
Petrol demand two weeks ago also set a record for March, the agency said.
The EIA said data suggested pump prices would have to be "in the neighbourhood" of US$3 a gallon before Americans would change their driving activities.
The agency noted that petrol demand growth slowed the last two times the average retail price of petrol surpassed US$3, following Hurricane Katrina in 2005 and most of last summer.
- REUTERS
