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Economy in Brief

U.S. Gasoline Price Higher ... Demand Lower
by Tom Moeller June 3, 2008

The retail price for a gallon of regular gasoline rose another four cents last week to $3.98 per gallon, according to the U.S. Department of Energy survey. The rise followed the previous week's fifteen cent increase and it raised gasoline prices by nearly one-third just since yearend '07.

Yesterday, the spot market price for a gallon of regular gasoline rose to $3.27, up another three cents from last week's average.

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

According to the U.S. Department of Energy the increase in gasoline prices, along with the slowdown in economic growth, have lowered the demand for gasoline during the latest four weeks by 0.7% from a year earlier. Refinery production of gasoline is down roughly 1.0% during that period.

The DOE figures are available in Haver's OILWKLY database.

During all of last week, the price of a barrel of WTI crude oil slipped w/w to an average of $128.47. Yesterday the price slipped further to $127.76.

Natural gas prices rose to the highest level since late 2005. At $11.669/mmbtu, last week's average price was up 52.9% versus a year earlier and it was at its highest level since December of 2005.

This morning's remarks by Fed Chairman Ben S. Bernanke on the economic outlook are available here.

Weekly Prices 06/02/08 05/26/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 3.98 3.94 25.9% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 128.47 130.15 100.9% 72.25 66.12 56.60
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