Drumbeat: August 31, 2012

theoildrum.com 31 Aug '12, 1pm

Drumbeat: August 31, 2012

Unleaded fuel has climbed to more than 2 euros ($2.50) a liter, about $9.50 a gallon, in some areas of Italy, including parts of the Tuscany region. That’s made this year’s end-of- summer “rientro,” when Italians return to the cities after their August vacations, more costly than usual. Motorists are being hit by the fallout from the European debt crisis as the government of Prime Minister Mario Monti raises gasoline taxes to rein in the world’s fourth-biggest public debt. High fuel prices are weighing on consumer spending, deepening the country’s fourth recession since 2001 and sapping earnings at carmaker Fiat SpA (F) and highway operator Atlantia SpA.

Full article: http://www.theoildrum.com/node/9454

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