Diesel, Gasoline Demand Falling, NATSO Says

High fuel prices are dampening demand for diesel and gasoline, and more Americans will stay home this Fourth of July holiday than last year, a truck stop trade group said Thursday.

Fuel retailers have seen demand for fuel decline, according to NATSO, Alexandria, Va., which represents truck stops and travel plazas.

Gasoline sold in May fell by about 3% in May from a year earlier, while diesel fell by about 6%, NATSO said.

Declines of demand for fuel greater than 2.5% are rare, and even more so in a time that is considered to be peak driving season, it said.

Softer demand and higher prices could give support to unregulated market speculation being a significant driver in higher fuel prices, the group said in a statement.

“In the past, when we’ve seen skyrocketing fuel prices like this, it is because of some crisis that squeezes supply,” said Lisa Mullings, NATSO’s chief executive officer.

“We’ve seen no long lines at the pump; in fact, demand has fallen and supply is adequate, so it is clear that there is another factor driving up prices,” she said in a statement.