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Economy in Brief

Gasoline Prices Rose Again, Demand Down Y/Y
by Tom Moeller June 13, 2006

Retail gasoline prices rose again last week to $2.91 per gallon (36.4% y/y). The rise left gas prices in early June still off just slightly from an average $2.91 during May.

The spot market price for regular unleaded gasoline slipped yesterday to $2.07 per gallon, down from the high of $2.15 earlier in the month.

The price of West Texas Intermediate crude oil also slipped to $70.36 per barrel versus $70.94 averaged during May and a daily high of $74.62 in early May.

Demand for gasoline extended its usual seasonal rebound. During the last four weeks the demand for gasoline is up 5.1% versus a January low. The increase, however, still is somewhat less than the 6-9% recoveries during early 2004 and early 2005. The four week average of gasoline demand versus the year ago level was down 0.8%.

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

US Weekly 06/12/06 06/05/06 Y/Y 2005 2004 2003
U.S. Retail Gasoline, Regular per Gal. $2.91 $2.89 36.4% $2.27 $1.85 $1.56
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