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Economy in Brief

U.S. Gasoline Price Held at $4.11 per Gallon
by Tom Moeller July 15, 2008

The retail price for a gallon of regular gasoline held at $4.11 per gallon last week, according to the U.S. Department of Energy survey. For all grades of gasoline the average price also held steady w/w at an average $4.16 per gallon.

Yesterday, the spot market price for a gallon of regular gasoline was $3.31 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 2.9% 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.

Last week the price for a barrel of West Texas Intermediate crude oil slipped to $140.16 per barrel, down slightly from $142.46 during all of last week.

Price for natural gas also have been quite strong but last week slipped to $12.240 per mmbtu (92..1% y/y), 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 07/14/08 07/07/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 4.11 4.11 34.9% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 140.16 142.46 98.4% 72.25 66.12 56.60
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