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Economy in Brief

Gasoline Prices Surged, Crude Oil Crested $100
by Tom Moeller February 26, 2008

Week to week, retail gasoline prices rose nearly a dime per gallon to $3.13 per gallon, according to the US Department of Energy survey. The retail price for regular grade gasoline was its highest since early last June. This week, a rise in wholesale gasoline prices portend further gains in the retail price.

The price for a barrel of WTI crude oil broke just over $100. This week crude prices have backed off but just slightly to $99.41 per barrel.

Natural gas prices were strong last week. They rose nearly $1.00 per mmbtu from the January average due to colder Winter temperatures.

Weekly Prices 02/25/08 02/18/08 Y/Y 2007 2006 2005
Retail Gasoline ($ per Gallon) 3.13 3.04 31.3% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) -- 100.01 72.2% 94.00 61.11 58.16
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