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Economy in Brief

Gasoline Prices Up as Crude Oil Nears $50 per Barrel
by Tom Moeller September 28, 2004

The average price for unleaded regular gasoline rose for the second consecutive week to $1.92 per gallon, up 2.7% from the prior week and up from $1.88 averaged in August.

The inflation adjusted "real" price of gasoline remained below well below the early 1981 peak, but the roughly 50% increase during the last two years rivals the gain leading to the prior peak.

The rise accompanied a jump in crude oil prices. The price of West Texas Intermediate crude surged yesterday to $49.65 per barrel versus roughly $43.00/bbl. early in the month. In August WTI crude averaged $44.94/bbl.

Wholesale natural gas prices last week were $5.45/mmbtu (+21.4% y/y) versus the May high of $6.54.

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

Energy Prices 09/27/04 12/31/03 Y/Y 2003 2002 2001
US Retail Gasoline, Regular ($/Gal.) $1.92 $1.48 20.5% $1.56 $1.35 $1.42
Domestic Spot Market Price: West Texas Intermediate ($/Barrel) $49.65 $32.55 74.6% $32.78 $31.23 $19.38
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