Unleaded gasoline prices at the pump fell three cents last week to an average $2.31 per gallon after a penny decline during the prior week. Nevertheless, the average price for gasoline in January is up to $2.32 from the December average of $2.31 and the November average of $2.23 per gallon.

Further relief from higher retail gasoline prices may be signaled by declines in the spot market (NY harbor) price for a gallon of regular gasoline which have totaled twenty cents over the last two days.

Warmer weather also has helped crude oil prices lower. Yesterday, the spot price for WTI crude settled at $57.83 (-8.9% y/y), down four dollars from the December average of $61.94.

Warm temperatures also have pushed natural gas prices lower to $5.53 per mmbtu but a recent forecast of colder temps raised futures to $8.57

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

Recycling Petrodollars from the Federal Reserve Bank of New York Can be found here.