Gasoline Falls as S&P Revises U.S. Credit Outlook to Negative
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Gasoline declined as equities tumbled after Standard & Poor’s Ratings Services revised its outlook on the U.S.’s long-term sovereign credit rating to negative from stable.
Futures fell from a 33-month high as Standard & Poor’s said there’s a “material risk” that U.S. policy makers won’t agree on a plan to address long-term budget issues by 2013. Prices rose 0.9 percent last week as East Coast refinery shutdowns curtailed fuel production and a jump in consumer confidence indicated fuel demand may increase.