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Economy in Brief

Gasoline Prices Ease
by Tom Moeller May 10, 2005

In the US, the average price for unleaded regular gasoline eased to $2.19 per gallon last week, down for the fourth consecutive week and off 4.1% from the peak of $2.28.

As of March, the price of gasoline had risen 83.3% versus the low in late 2001. Relative to non-energy prices in the CPI, gasoline prices rose 72.0% during the period.

Mitigating the economic impact of these gains is the 50% decline in the ratio of petroleum usage versus US real GDP during the last thirty years.

The price of oil also fell last week. West Texas Intermediate crude dropped to $52.04 per barrel versus the earlier high of $57.28.

Wholesale natural gas prices slipped to $6.56/mmbtu (+8.8% y/y), down 8.5% from the April average.

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

Energy Prices 05/09/05 12/31/04 Y/Y 2004 2003 2002
US Retail Gasoline, Regular ($/Gal.) $2.19 $1.79 12.6% $1.85 $1.56 $1.35
Domestic Spot Market Price: West Texas Intermediate ($/Barrel) $52.04 $41.78 33.7% $41.78 $32.78 $31.23
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