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Economy in Brief

U.S. Gasoline Prices Stable at $3.61 per Gallon, WTI Crude Down
by Tom Moeller May 6, 2008

The retail price for a gallon of regular gasoline was relatively stable last week. A penny rise to $3.61 per gallon, according to the U.S. Department of Energy survey, followed a ten cent increase during the last week of April.Prices have risen 56 cents (18.3%) since the end of last year.

Spot market prices for gasoline rose further yesterday. The wholesale price for a gallon of non-oxygenated gasoline was $2.94 per gallon, up eight cents from Friday and up ten cents from last week's average.

During all of last week, the price of a barrel of WTI crude oil fell nearly four dollars w/w to an average of $115.34. Yesterday, however, the price recovered sharply to $119.97. The record was reached during the third week of April prices reached $121.57.

Natural gas prices also have move higher. Yesterday's wholesale price of natural gas at $10.88 per mmbtu was up from Friday's price and up from last week's average of $10.74/mmbtu.

Weekly gasoline prices can be found in Haver's WEEKLY database, daily prices are found in the DAILY database.

Mortgage Delinquencies and Foreclosures are yesterday's remarks by Fed Chairman Ben S. Bernancke and they can be found here.

Weekly Prices 05/05/08 04/21/08 Y/Y 2007 2006 2005
Retail Gasoline ($ per Gallon) 3.61 3.60 18.3% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 115.34 119.21 80.8% 72.25 66.12 56.60
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