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Economy in Brief

Gasoline Prices Rose Last Week
by Tom Moeller June 6, 2006

Retail gasoline prices rose two cents last week to $2.89 per gallon (36.7% y/y). The rise left gas prices in early June off just slightly from an average $2.91 during May.

The spot market price for regular unleaded gasoline rose eight cents yesterday and that added to a four cent increase on Friday. As a result, the spot price at $2.09 per gallon in early June is up from $2.04 averaged during May.

The price of West Texas Intermediate crude oil also moved up yesterday to $72.60 per barrel versus $70.94 averaged during May.

Demand for gasoline demand has begun its usual seasonal rebound. During the last four weeks the demand for gasoline is up 5.0% versus a January low. That increase, however, is somewhat less than the 6-9% recoveries during early 2004 and early 2005. As a result, the four week average of gasoline demand versus the year ago level was roughly unchanged (-0.1%).

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

US Weekly 06/05/06 05/29/06 Y/Y 2005 2004 2003
U.S. Retail Gasoline, Regular per Gal. $2.89 $2.87 36.7% $2.27 $1.85 $1.56
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