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Economy in Brief

Gasoline Prices Up Further
by Tom Moeller January 8, 2008

The retail price of gasoline rose a nickel last weeks to $3.11 per gallon following a seven cent rise during the prior week.

The increase returned prices to the highest level in nearly two months.

  • During that opening week of 2008, crude oil prices jumped sharply to $98.17 for a barrel WTI crude. The increase reversed yesterday, however, with forecasts that unseasonably warm temperatures in the Northeast U.S. would continue. Crude prices fell to $95.10 per barrel.

Natural gas prices also fell yesterday, but sharp gains in December raised the wholesale price to an average $7.67 per mmbtu. Prices were up by roughly one quarter from the very warm December of 2006.

What's Driving Gasoline Prices from the Federal Reserve Bank of Dallas can be found here.

Energy Prices 01/07/08 12/31/07 Y/Y 2007 2006 2005
Retail Gasoline ($/Gallon) 3.11 3.06 34.8% 2.80 2.57 2.27
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