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Economy in Brief

Gasoline Above $2.00/gal. & Crude Oil Topped $50/bbl.
by Tom Moeller October 26, 2004

The average price for unleaded regular gasoline rose to $2.03 per gallon last week and has averaged $2.00 so far this month.

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

Crude oil prices also rose further. The price of West Texas Intermediate crude surged yesterday to $55.23 per barrel versus $53.29/bbl. averaged last week and $45.95 in September.

Wholesale natural gas prices also rose yesterday to $7.12/mmbtu (+55.8% y/y) and have averaged $5.96 in October versus $4.98 in September.

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

"Monetary Policy and Inflation Dynamics" from the Federal Reserve Board can be found here.

Energy Prices 10/19/04 12/31/03 Y/Y 2003 2002 2001
US Retail Gasoline, Regular ($/Gal.) $2.03 $1.48 31.8% $1.56 $1.35 $1.42
Domestic Spot Market Price: West Texas Intermediate ($/Barrel) $53.29 $32.55 76.6% $32.78 $31.23 $19.38
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