U.S. gasoline deliveries for May dipped to the lowest May level since 2003, according to the American Petroleum Institute's Monthly Statistical Report. "This downward movement compared with year-on-year increases for both March 2010 and April 2010 indicates that gasoline demand is more sensitive to higher prices and to the effects of the sluggish economic recovery than distillate and jet fuels, which both saw increased demand in May, compared with previous months," said API Chief Economist John Felmy.
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