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Economy in Brief

U.S. Gasoline Price Reached $4.10 per Gallon
by Tom Moeller July 1, 2008

The retail price for a gallon of regular gasoline crept two cents higher last week to $4.10 per gallon, according to the U.S. Department of Energy survey. For all grades of gasoline the average price also moved two cents higher an average $4.15 per gallon.

Yesterday, the spot market price for a gallon of regular gasoline remained at $3.34 per gallon, about where it has been since early June.

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 demand for gasoline during the latest four weeks fell 2.7% from a year earlier due to the increase in gasoline prices, along with the slowdown in economic growth. That was the weakest reading for gasoline demand in three years.

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

Yesterday the price for a barrel of West Texas Intermediate crude oil reached $140.00 per barrel versus an averge of $137.25 during all of last week.

Price for natural gas also have been quite strong and last week rose to $12.894 per mmbtu, near the record high reached in late-2005.

Consumer Sentiment and Consumer Spending from the Federal Reserve Bank of San Francisco can be found here.

Weekly Prices 06/30/08 06/23/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 4.10 4.08 38.4% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 137.25 134.37 98.4% 72.25 66.12 56.60
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