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 UPDATE 1-Calif. Q4 gasoline demand fell 1.4 pct yr/yr-state HOUSTON, March 28 (Reuters) - California gasoline consumption in the fourth quarter of 2007 fell 1.4 percent year-on-year, in spite of a 1.2 percent increase in December gasoline use, the California state sales tax board said on Friday. For all of 2007, drivers in California used nearly 1 percent less gasoline compared to the previous year, according to the California State Board of Equalization. On Wednesday. the Federal Highway Administration said Americans cut back on driving in 2007, the first such annual decrease in 20 years. The drop in demand was bad news to West Coast refiners, said an energy analyst. "If you're a refiner right now, you can't be all that happy," said David Hackett, president of Stillwater Associates. "Crude prices are high, gasoline demand is off, crack spreads are crummy. Yeah, interesting times." Refiners with West Coast operations like Valero Energy Corp (VLO.N:...
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