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Economy in Brief

Crude Oil Prices Pushing $60 per Barrel
by Tom Moeller June 22, 2005

The price of oil touched $59.37 on Monday then a barrel of West Texas Intermediate crude dropped back yesterday to $56.91. So far in 2005 the price of crude has averaged $52.75, up 26% versus last year's average.

In the US, the average price for unleaded regular gasoline rose to $2.16 per gallon last week versus an average of $2.13 during the prior five weeks. The high was $2.28 in early April.

Wholesale natural gas prices jumped to $7.28/mmbtu (15.6% y/y) last week. During only one week in early April was the price higher.

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

Energy Prices 06/21/05 12/31/04 Y/Y 2004 2003 2002
US Retail Gasoline, Regular ($/Gal.) $2.16 $1.79 12.6% $1.85 $1.56 $1.35
Domestic Spot Market Price: West Texas Intermediate ($/Barrel) $56.91 $41.78 33.7% $41.78 $32.78 $31.23
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