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Gasoline Surges as U.S. Supplies Drop, Libya Unrest Escalates

Gasoline surged as U.S. supplies fell the most in 29 months and Libyan oil output was disrupted, increasing speculation that unrest may spread around the region and threaten global oil shipments.

U.S. gasoline stockpiles shrank 5.49 million barrels to 229.2 million last week, the biggest drop since September 2008, according to Energy Department data. Libya’s Ras Lanuf refinery, the country’s largest, was shut amid fighting between government forces loyal to Muammar Qaddafi and rebels, an official with the Libyan Emirates Oil Refining Co. said.