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Economy in Brief

U.S. Gasoline Prices Down Again With Lower Crude Costs
by Tom Moeller July 30, 2008

The retail price for a gallon of regular gasoline fell ten cents last week to $3.96 per gallon, according to the U.S. Department of Energy survey. That added to a five cent decline during the prior week and reduced prices to their lowest level since late May. For all grades of gasoline the average price fell eleven cents to $4.01 per gallon.

Yesterday, the spot market price for a gallon of regular gasoline fell to $2.91 per gallon versus last week's average of $2.98. That was down from the high two weeks 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, though the demand for gasoline was unchanged last week from the prior period, gasoline demand during the latest four weeks fell 3.2% from a year earlier. That y/y decline nearly equaled the decline in gasoline demand three years ago when Hurricane Katrina struck and it limited gasoline supplies.

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

The price for a barrel of West Texas Intermediate crude oil also declined last week by nine dollars per barrel to an average $126.14, down from $142.46 at the beginning of the month.Yesterday, the price for a barrel of crude was $122.19.

Prices for natural gas slipped for a third week to an average $9.93 per mmbtu (72.3% y/y).

Budget of the United States Government: Browse Fiscal Year 2009 here.

Weekly Prices 07/28/08 07/21/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 3.96 4.06 37.5% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 126.14 135.34 67.7% 72.25 66.12 56.60
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