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Economy in Brief

U.S. Gasoline Prices Fell Further
by Tom Moeller August 26, 2008

The pump price for a gallon of regular gasoline fell another six cents last week to $3.69 per gallon, according to the U.S. Department of Energy survey. The price has now fallen by 43 cents, or 10.4%, from the peak in early July. Nevertheless, gasoline prices still are one-third higher than last summer. For all grades of gasoline the average price fell six cents to $3.74 per gallon.

Yesterday the spot market price for a gallon of regular gasoline fell to $2.82 per gallon. That was versus last week's average of $2.86.

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 rose a slight 0.2% during the last four weeks but remained down 1.9% from a year earlier.

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

The price for a barrel of West Texas Intermediate crude oil ticked up last week to an average $115.60 per barrel. That's down from the high early last month of $142.46. The price was, however, still up by two-thirds from last summer.

Prices for natural gas fell again w/w to an average $7.93 per mmbtu (+33.6% y/y). The high for natural gas prices was in early-July at $13.19/mmbtu.

Fueling Expected Inflation from the Federal Reserve Bank of St. Louis can be found here.

Weekly Prices 08/25/08 08/18/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 3.69 3.74 34.0% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 115.60 114.45 64.5% 72.25 66.12 56.60
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