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Gasoline follows crude oil increases on heels of positive economic news
DATE:2009-8-21  FROM:  AUTHOR:  DOWN:2248
 
Gas prices continue an upward trend despite weak demand but the job market may be showing signs of a recovering manufacturing industry, according to AAA Mid-Atlantic.


Evidence of economic recovery came from the Labor Department Friday with news that the jobless rate eased in July.Friday’s report showed U.S. employers cut fewer jobs than expected and the least in any month since last August. The unemployment rate eased to 9.4% in July from 9.5% in June, the first time the jobless rate has fallen since April 2008.The weekly Energy Information Administration (EIA) report showed U.S. crude inventories rose 1.7 million barrels to 349.5 million, up for the second consecutive week. The increase was more than double the projected 800,000 barrel build. U.S. gasoline supplies were down 200,000 barrels to 212.9 million barrels, dropping for the second straight week. The forecast was for a 1.0 million barrel drawdown.“Over the past few weeks, positive economic news has driven crude oil prices higher, causing gasoline prices to respond as they typically do with increases,” said Ragina C. Averella, manager of public and government affairs for AAA Mid-Atlantic. “Although recent stability at the gas pump inspired some motorists to hit the road (August is typically the most heavily-traveled month for auto travel), increases at the pump could slow end of summer auto travel as motorists tighten

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