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"Consumers are spending, but with higher food prices and new iPhones to buy, they are not spending at the pump," Schork said. Greek lawmakers, meanwhile, have passed a package of spending cuts to try to win approval for a second bailout loan that is urgently needed to prevent a default on the country's debts. But European finance ministers canceled a meeting to discuss that funding after Greece, which is already struggling from five years of recession, failed to comply with numerous demands. If no deal is reached, Athens will careen toward bankruptcy -- posing a risk to Europe's already sluggish economy. In other energy trading, heating oil was up 2 cents at $3.19 per gallon and gasoline futures fell 3 cents to $2.98 per gallon. Natural gas rose 1 cent to $2.55 per 1,000 cubic feet.
[Associated
Press;
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