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Economy in Brief

U.S. Gasoline Prices Near $4.00 per Gallon, Crude Oil Doubled
by Tom Moeller May 28, 2008

The retail price for a gallon of regular gasoline increased nearly fifteen cents last week to $3.94 per gallon, according to the U.S. Department of Energy survey.So far this year gasoline prices have risen nearly one dollar.

Yesterday, the spot market price for gasoline rose three cents from last week's average to $3.24 per gallon.

During all of last week, the price of a barrel of WTI crude oil rose w/w to an average of $130.15. Yesterday, however, the price slipped back to $128.85. Crude oil prices have roughly doubled from last year's May level.

Natural gas prices dipped slightly last week to $11.08 per mmbtu (46.2% y/y).

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

Weekly Prices 05/26/08 05/19/08 Y/Y 2007 2006 2005
Retail Gasoline ($ per Gallon) 3.94 3.79 22.7% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 130.15 124.94 100.4% 72.25 66.12 56.60
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