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Economy in Brief

Gasoline & Crude Oil Prices Down
by Tom Moeller June 7, 2004

The average price for unleaded regular gasoline in NY has fallen sharply the last three weeks to $1.15 on Friday from a peak of $1.40. Retail gasoline prices have yet to show much downward movement from the peak of $2.06 in the third week of May.

Lower spot crude oil prices have led the decline with the price of West Texas Intermediate crude at $38.60 on Friday versus its peak of $41.88 on May 24th.

Wholesale natural gas prices moved higher last week to $6.39/mmbtu (+2.1% y/y), up 26% versus the daily low in February of $5.08/mmbtu.

For the latest Short Term Energy Outlook from the US Department of Energy click here.

Energy Prices 06/04/04 12/31/03 Y/Y 2003 2002 2001
Unleaded Regular Gasoline, NY ($/Gal.) $1.15 $0.96 39.2% $0.88 $0.72 $0.74
Domestic Spot Market Price: West Texas Intermediate ($/Barrel) $38.60 $32.55 35.1% $31.10 $26.17 $25.97
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