Gasoline Declines After Reports Signal Slowing Fuel Demand in China, U.S.

[phantom power]

Gasoline fell as reports that U.S. worker productivity slipped in the second quarter and China’s oil imports dropped indicated declining fuel demand.

Gasoline sank as the Labor Department reported that the measure of employee output per hour decreased at a 0.9 percent annual rate, the first drop since the end of 2008. China, the world’s biggest energy consumer, reduced net imports of crude oil in July from a record high in June.

“Risk is coming off the table as people fear slowing growth in the U.S. as well as China,” said James Cordier, portfolio manager at OptionSellers.com in Tampa, Florida.

Gasoline for September delivery lost 3.34 cents, or 1.6 percent, to $2.0853 a gallon at 10:57 a.m. on the New York Mercantile Exchange. Prices touched $2.0664 earlier, the lowest level since July 30.

http://www.bloomberg.com/news/2010-08-10/gasoline-declines-after-reports-signal-slowing-fuel-demand-in-china-u-s-.html

[jpak]

1. Here in Maine, folks dumped their SUVs and monster trucks for Priuses and Focuses

I see Priuses everywhere in rural Maine - its pretty astonishing the number on the roads these days.

and the number of Outbacks, Jettas, Versas, Corollas, Colbalts, Aveos, Fits and Yarises too.

That has to have some impact on gas consumption...

[pscot]

2. Oil is still at $82 a bbl.

n/t