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Economy in Brief

U.S. Gasoline Price Reached $4.10 per Gallon
by Tom Moeller July 8, 2008

The retail price for a gallon of regular gasoline ticked up one penny last week to $4.11 per gallon, according to the U.S. Department of Energy survey. For all grades of gasoline the average price also rose two cents to an average $4.17 per gallon.

Yesterday, the spot market price for a gallon of regular gasoline slipped nine cents to $3.30 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 2.3% from a year earlier due to the increase in gasoline prices, along with the slowdown in economic growth.

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

The price for a barrel of West Texas Intermediate crude oil surged last week to $142.46 per barrel versus an average of $137.25 during the prior. Yesterday's price fell slightly from that level to $141.38.

Price for natural gas surged again last week to $13.185 per mmbtu, double a year earlier, and near the record high reached in late-2005.

Financial Regulation and Financial Stability is this morning's speech by Federal Reserve Chairman Ben S. Bernanke and it can be found here.

Weekly Prices 07/07/08 06/30/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 4.11 4.10 38.0% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 142.46 137.25 98.4% 72.25 66.12 56.60
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