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Economy in Brief

Gasoline Off Another Two Cents, Natural Gas Prices Firm
by Tom Moeller October 24, 2006

The retail price for a gallon of regular unleaded gasoline fell another two cents last week to an average $2.21 (-15.2% y/y) and was to the lowest level since December of last year.

The spot market price for a gallon of regular gasoline jumped fourteen cents yesterday. The NY harbor price for regular unleaded gasoline rose to $1.64 per gallon versus an average $1.52 last week although yesterday's market price for a gallon of premium fell eighteen cents to $1.50.

Oil prices were mixed yesterday as Brent Crude fell to $55.89 per bbl. versus $57.47 last week but WTI Crude rose slightly day/day to $57.02 (-6.7% y/y). However, that still was lower than the $58.02 averaged last week.

Natural gas prices have jumped during October as cold temperatures set in across the U.S. The latest reading found the Henry Hub price at $7.24 per mmbtu (-44.4% y/y) versus an average of $4.90 during September.

Making Sense of High Oil Prices from the Federal Reserve Bank of Dallas can be found here.

The latest Short-Term Energy Outlook from the U.S. Energy Information Administration is available here.

Weekly Energy Prices 10/23/06 10/16/06 Y/Y 2005 2004 2003
US Retail Gasoline Price, Regular $2.21 $2.23 -15.2% $2.27 $1.85 $1.56
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