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Economy in Brief

U.S. Gasoline Price Fell a Nickel, Crude Down $5.00
by Tom Moeller July 22, 2008

The retail price for a gallon of regular gasoline dropped five cents last week to $4.06 per gallon, according to the U.S. Department of Energy survey. For all grades of gasoline the average price also fell five cents to $4.12 per gallon.

Yesterday, the spot market price for a gallon of regular gasoline did rise a nickel versus Friday to $3.08 per gallon. The latest price was, however, down sharply from the highs one week ago above $3.40.

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. Gasoline demand was on the same negative pace as the prior week and it was the weakest reading for gasoline demand in three years.

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

The price for a barrel of West Texas Intermediate crude oil fell last week to an average $135.34 per barrel down from $142.46 at the beginning of the month. Yesterday, the price for a barrel of crude was $131.04.

Price for natural gas slipped for a second week. Last week's price averaged $11.26 per mmbtu (76.9% y/y) and prices fell further yesterday to $10.53.

Weekly Prices 07/21/08 07/14/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 4.06 4.11 37.4% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 135.34 140.16 80.6% 72.25 66.12 56.60
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