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 NEW YORK (AP) - With gasoline prices hitting records above $3 a gallon, analysts are watching closely for any hints that motorists are altering their behavior. This vigilance has led to an undisputed conclusion — that federal statistics reveal contradictory trends — and an unresolved debate.
For the first three months of 2007, Department of Energy data show U.S. demand for gasoline rose by more than 2 percent, while Department of Transportation data suggest Americans drove nearly 1 percent fewer miles.
UBS analyst Jan Stuart addressed the issue Friday in a research note: "A question we have gotten a lot lately is: How can gasoline demand be growing if miles traveled data are heading down in the first quarter?"
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