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Economy in Brief

Gasoline Above $3.00 per Gallon, Again
by Tom Moeller November 6, 2007

On average, retail gasoline prices topped $3.00 per gallon last week, according to the US Department of Energy survey. The level was not a record as it was still below the highs reached in early June. It did, however, represent a 7.5% increase from the average level in October and a roughly one third increase from prices a year earlier.

Divided by consumer prices other than energy, these gasoline prices are just 6% below the high reached in 1981.

Higher crude oil prices have driven the price increase. On Friday, spot WTI crude stood at $90.39 per barrel, up by half the price during late 2006.

In another inflation signal, gold prices rose to near $800 per ounce, the level surpassed the previous record price reached in early 1980.

Energy Prices and the Economy, a 2004 article from the Federal Reserve Bank of Dallas is available here.

Weekly Prices 11/05/07 10/31/07 Y/Y 2006 2005 2004
Retail Gasoline ($ per Gallon) 3.01 2.87 37.0% 2.57 2.27 1.85
Light Sweet Crude Oil, WTI  ($ per bbl.) 90.39 86.48 53.9% 61.11 58.16 41.78
Gold: Handy & Harmon ($ per Troy Oz.) $783.25 $758.25 29.7% 628.70 $507.40 $443.40
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