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Economy in Brief

U.S. Gasoline Price Crested $4.00
by Tom Moeller June 10, 2008

The retail price for a gallon of regular gasoline rose six cents last week to $4.04 per gallon, according to the U.S. Department of Energy survey. The rise followed the previous week's four cent increase. For all grades of gasoline the average price also rose six cents to an average $4.09 per gallon last week.

Yesterday, the spot market price for a gallon of regular gasoline fell a nickel from Friday to $3.28 but that was still up four 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 1.6% from a year earlier. Refinery production of gasoline is down 3.9% year-to-year.

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 slightly to an average of $128.14 but yesterday the price held above $130 at $134.35.

Natural gas prices rose to the highest level since late-2005. At $12.715/mmbtu up 70.0% versus a year earlier.

Weekly Prices 06/09/08 06/02/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 4.04 3.98 31.3% 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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