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Economy in Brief

U.S. Gasoline Prices Down Again Last Week
by Tom Moeller September 9, 2008

The pump price for a gallon of regular gasoline fell three cents last week to $3.65 after having been roughly unchanged during the week prior, according to the U.S. Department of Energy survey. The price has fallen by 47 cents, or more than ten percent from the peak in early July but the rate of decline has slowed. 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 rose by ten cents from Friday's level to $2.92 per gallon as the storm threat passed. Since early-August these prices have moved erratically sideways.

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 0.2% during the last four weeks and it was down 2.2% 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 fell last week to an average $108.42 per barrel. That's down from the high early last month of $142.46. Yesterday, crude oil prices were down another two dollars from last week's average.

Prices for natural gas fell w/w to an average $7.53 per mmbtu (+32.9% y/y) which was its lowest level this year. The high for natural gas prices was in early-July at $13.19/mmbtu.

How Economic News Moves Markets from the Federal Reserve Bank of New York can be found here.

The U.S. Economic Situation and the Challenges for Monetary Policy is a recent speech by San Francisco Fed President Janet L. Yellen and it can be found here.

Weekly Prices 09/08/08 09/01/08 Y/Y 2007 2006 2005
Retail Regular Gasoline ($ per Gallon) 3.65 3.68 29.5% 2.80 2.57 2.27
Light Sweet Crude Oil, WTI  ($ per bbl.) 108.42 116.55 42.7% 72.25 66.12 56.60
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