A fuel composition, a lubricant composition, and methods for reducing friction or wear of moving parts. The fuel composition includes gasoline and from about 10 to about 500 ppm by weight of a dialkylaminoalkanol of the formula R1(R2)NCH2CH(R3)R4. The lubricant composition includes base oil of lubricating viscosity and from about 0.05 to about 5.0 weight percent of a dialkylaminoalkanol of the formula R1(R2)NCH2CH(R3)R4. In the above formulas wherein R1 is an alkyl group or a hydroxyalkyl group containing from 8 to 50 carbon atoms; R2 is an alkyl group containing from 1 to 4 carbon atoms; R3 is selected from H and OH; and R4 is selected from H, an alkyl group containing from 1 to 4 carbon atoms, and CH2OH and wherein at least one of R3 and R4 contains a hydroxyl group and provided that when R1 is a hydroxyalkyl group, R3 is OH and R4 is CH2OH.