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Economy in Brief

U.S. Gasoline Prices Top $3.50 per Gallon
by Tom Moeller April 22, 2008

The retail price for a gallon of regular gasoline topped $3.50 last week. According to the U.S. Department of Energy survey, prices rose twelve cents w/w to a new record of $3.51 per gallon.

Higher prices on the spot market drove the rise and as of yesterday, the wholesale price of gasoline was up another six cents from last week's average.

Strength in crude oil prices is behind the strength in gasoline prices. Yesterday's price of $117.48 for a barrel of WTI crude compared to an average $114.41 last week.

Prices for natural gas also have been notably strong. The wholesale price of $10.13 per mmbtu was not a record but it was up by more than one-third from last year.

Energy and the Economy from the Federal Reserve Bank of St. Louis can be found here.

Deliverability and Regional Pricing in U.S. Natural Gas Markets is a working paper from the Federal Reserve Bank of Dallas and it can be found here.

Weekly Prices 04/21/08 04/14/08 Y/Y 2007 2006 2005
Retail Gasoline ($ per Gallon) 3.51 3.39 22.3% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 114.41 108.93 81.4% 94.00 61.11 58.16
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