·
The pump price for a gallon of regular gasoline fell eight cents
last week versus the prior period. At $3.88 per gallon, according to the
U.S. Department of Energy survey, the price has now fallen by 23 cents,
or 5.6%, from the peak just four weeks ago. Last week's price for a
gallon of regular gas was the lowest since late-May. For all grades of
gasoline the average price fell eight cents to $3.94 per gallon.
· Yesterday the spot market price for a gallon of regular gasoline rose four cents, from Friday, to $3.06 per gallon. That was versus last week's average of $3.00. It still was down from the high two weeks ago above $3.40.
· Weekly gasoline prices can be found in Haver's WEEKLY database, daily prices are in the DAILY database.
· According to the U.S.
Department of Energy, though the demand for gasoline was unchanged last
week from the prior period, gasoline demand during the latest four weeks
fell 3.2% from a year earlier. That y/y decline nearly equaled the
decline in gasoline demand three years ago when Hurricane Katrina struck
and it limited gasoline supplies.
· The DOE figures are available in Haver's OILWKLY database.
· The price for a barrel of West Texas Intermediate crude oil fell last week to an average $124.21 per barrel.
· Prices for natural gas fell further w/w to an average $9.16 per mmbtu (+45.8% y/y).
· Unanchored Expectations? Interpreting the Evidence from Inflation Surveys from the Federal Reserve Bank of San Francisco can be found here.