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Economy in Brief

U.S. Gasoline Price Still Above $4.00
by Tom Moeller June 17, 2008

The retail price for a gallon of regular gasoline rose another four cents last week to $4.08 per gallon, according to the U.S. Department of Energy survey. The rise followed the previous week's six cent increase. For all grades of gasoline the average price also rose last week by four cents to an average $4.13 per gallon.

Yesterday, the spot market price for a gallon of regular gasoline slipped yesterday to $3.33, but that was still up five 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 1.7% from a year earlier. Refinery production of gasoline is down 0.8% 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 rose to an average of $134.73 but yesterday the price held above $130 at $134.62.

Natural gas prices slipped to $12.601/mmbtu up 67.43% versus a year earlier.

Crude Awakening: Behind the Surge in Oil Prices from the Federal Reserve Bank of Dallas can be found here.

Weekly Prices 06/16/08 06/09/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 4.08 4.04 35.7% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 134.73 128.14 102.1% 72.25 66.12 56.60
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