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Economy in Brief

Gasoline Prices Down Again
by Tom Moeller January 23, 2007

The rise in chain store sales owes something to the continuing decline in gasoline prices. Unleaded gasoline prices at the pump dropped six cents last week to an average $2.17 per gallon after the eight cent decline during the prior week.

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 is down thirty six cents from its peak in early December.

Colder temperatures have given little lift to crude oil prices which yesterday settled at $51.14 (-24.6% y/y), down more than ten dollars from the December average of $62.03.

The colder temps have, however, pushed natural gas prices higher to $7.17 per mmbtu, up nearly one third from the recent low.

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

Weekly Energy Prices 01/22/07 01/15/07 Y/Y 2006 2005 2004
US Retail Gasoline Price, Regular $2.17 $2.23 -7.3% $2.57 $2.27 $1.85
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