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Economy in Brief

Gasoline Prices, Down in November, Fell Further in December
by Tom Moeller December 17, 2004

The average price for unleaded regular gasoline fell to $1.85 per gallon last week, putting it 6.7% below the November average.

At $41.83 per barrel, the price of West Texas Intermediate crude oil last week was 13.2% below the $48.20 averaged in November and was down 24.2% from the weekly high of $55.18 in late October.

Wholesale natural gas prices have been volatile, but relatively firm at $6.07/mmbtu last week.

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

"Do Energy Price Price Spikes Cause Inflation?" is 2003 research from the Federal Reserve Bank of Cleveland and is available here.

Energy Prices 12/13/04 12/31/03 Y/Y 2003 2002 2001
US Retail Gasoline, Regular ($/Gal.) $1.85 $1.48 26.1% $1.56 $1.35 $1.42
Domestic Spot Market Price: West Texas Intermediate ($/Barrel) $41.02 $32.55 23.6% $32.78 $31.23 $19.38
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