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Economy in Brief

U.S. Gasoline Prices Unchanged Last Week, Down Eight Cents Yesterday
by Tom Moeller September 3, 2008

The pump price for a gallon of regular gasoline was roughly unchanged last week at $3.68 per gallon, according to the U.S. Department of Energy survey. The price, nevertheless, has fallen by 44 cents, or more than ten percent from the peak in early July. For all grades of gasoline the average price fell last week by two cents to $3.72 per gallon.

Yesterday the spot market price for a gallon of regular gasoline dropped eight cents from Friday's level to $2.85 per gallon. Prices had run up, however, ahead of Hurricane Gustav. They have fallen now that oil facilities were largely missed by the storm. Prices are down another two cents this morning.

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 fell a slight 0.1% during the last four weeks and it was down 2.0% 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 $116.60 per barrel. That's down from the high early last month of $142.46.

Prices for natural gas ticked up w/w to an average $8.12 per mmbtu (+47.0% y/y). The high for natural gas prices was in early-July at $13.19/mmbtu.

What is the Monetary Standard, Or, How Did the Volcker-Greenspan FOMCs Tame Inflation? from the Federal Reserve Bank of Richmond can be found here.

Weekly Prices 09/01/08 08/25/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 3.68 3.69 31.6% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 116.55 115.60 59.8% 72.25 66.12 56.60
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