Gasoline futures tumble as demand slides

AP News
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Posted: May 11, 2011 4:04 PM
Gasoline futures tumble as demand slides

Gasoline futures tumbled almost 8 percent Wednesday after a government report gave the strongest evidence yet that higher pump prices are forcing Americans to drive less. Oil fell back below the $100 mark.

Here's a breakdown of how energy prices traded on Wednesday.

On the New York Mercantile Exchange:

Crude fell $5.76 to settle at $98.21 per barrel.

Gasoline lost 25.69 cents to settle at $3.1228 per gallon.

Heating oil gave up 10.29 cents to settle at $2.8983 per gallon.

Natural gas: dropped 6.2 cents to settle at $4.241 per 1,000 cubic feet.

On the ICE Futures exchange:

Brent crude fell $5.06 to settle at $112.57 per barrel.