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Economy in Brief

Gasoline Prices Drift Lower
by Tom Moeller November 7, 2006

Retail prices for a gallon of regular unleaded gasoline drifted two cents lower last week to an average $2.20. On average during October, gasoline averaged $2.25 per gallon.

The spot market (NY harbor) price for a gallon of regular gasoline rose two cents yesterday to $1.53 versus an average $1.51 last week.

Oil prices have been rising recently with WTI Crude at $60.03 (0.9% y/y) yesterday, up from $58.88 averaged during October.

Natural gas prices eased d/d yesterday to $6.75 per mmbtu (-24.0% y/y) but the Henry Hub price still was up from an average of $5.77 in October and $4.90 during September.

The Department of Energy reported that gasoline demand during the latest four weeks rose 5.0% from the year earlier period. That increase, however, understated the appetite for gasoline according to estimated figures from the Oil & Gas Journal which indicated a 15.5% rise. These figures are available in the Haver OILWKLY database.

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

Oil Prices and the U.S. Trade Deficit from the Federal Reserve Bank of San Francisco is available here.

Weekly Energy Prices 11/06/06 10/30/06 Y/Y 2005 2004 2003
US Retail Gasoline Price, Regular $2.20 $2.22 -7.4% $2.27 $1.85 $1.56
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