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Economy in Brief

Gasoline Prices Stable Last Week, But ...
by Tom Moeller May 2, 2006

Retail gasoline prices rose less than one penny last week to $2.92 per gallon (30.6% y/y). The near-stability followed four consecutive weeks of increase which ranged between nine and thirteen cents per week.

Earlier signs of relief from the recent upward pressure on prices reversed a bit yesterday as the spot market price for regular unleaded rose a nickel. Nevertheless, the latest spot price at $2.17 per gallon was down from the high of $2.35 during mid-April.

The price of West Texas Intermediate crude oil also move up yesterday to $73.71 per barrel, twelve cents short of the record high.

The jump in gasoline prices has been accompanied by a sharp slowdown in gasoline demand. Through the latest four weeks, demand versus the year ago level went negative by 0.5%, the first negative y/y comparison since last Autumn when gas prices were similarly elevated.

The latest Short-Term Energy and Summer Fuels Outlook from the U.S. Energy Information Administration can be found here.

US Weekly 05/01/06 04/24/06 Y/Y 2005 2004 2003
U.S. Retail Gasoline, Regular per Gal. $2.92 $2.91 30.6% $2.27 $1.85 $1.56
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