U.S. Gasoline Futures Drop as Stockpiles Rise More Than Forecast
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Gasoline fell after a report that U.S. inventories of the fuel increased last week and amid concern lawmakers will fail to avert automatic tax increases and spending cuts scheduled to take effect tomorrow.
Futures declined for second day as the Energy Department reported that gasoline supplies rose 3.78 million barrels to 223.1 million, the highest level since March. U.S. Senate Majority Leader Harry Reid said “there’s still significant differences” as Democrats and Republicans work to avoid the so-called fiscal cliff of more than $600 billion in tax gains and federal spending reductions.