Gas Has Its Limit: CFTC Position Limits on Oil; Gas Demand Lowest in 17 years; China Hikes Gas Prices 17%

China and India most likely had a substantial effect on the price of oil since they are part of BRIC the emerging market behemoth.  Their population alone accounts for about a third of the world population.  China is following India in lifting gas subsidies, no longer able to absorb the costs of spiking market prices. 

• Since the CFTC announced that it would require ICE Futures Europe, to adopt position limits, FSA the UK regulator of ICE said it wouldn't intervene.  Dow

• According to Cambridge Energy Research Associates “U.S. gasoline demand will likely decline in 2008 for the first time in more than 17 years,” says the report to be released Thursday. “For the first time since the 1970s and early 1980s the number of miles driven by Americans has clearly begun trending downward.”

• Also, China will hike retail gasoline prices by 17%. It's the second largest oil consumer.  The lift of the subsidy will commence Friday. This should drive crude lower. Bloomberg