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Economy in Brief

U.S. Gasoline Prices Surge to Record
by Tom Moeller  March 8, 2022

• Gasoline prices jump over $4.00 per gallon.

• Crude oil prices strengthen to the highest level since 2013.

• Natural gas prices slip.

Retail gasoline prices increased to a record $4.10 per gallon (48.0% y/y) in the week ended March 7 from $3.61 in the previous week. Haver Analytics adjusts the gasoline price series for normal seasonal variation. The seasonally adjusted price surged to $4.07 per gallon from $3.59 in the prior week.

Crude oil prices have strengthened with conflict in Ukraine. The price of West Texas Intermediate crude oil surged to $106.75 per barrel (71.4% y/y) in the week of March 4 from $92.18 in the prior week. Yesterday, the price strengthened to $119.40 per barrel. The average price of Brent crude oil increased to $114.43 per barrel (73.5% y/y) from $99.36 in the prior week. The price increased to $129.02 per barrel yesterday.

The price of natural gas eased to $4.57/mmbtu (+63.8% y/y) in the week of March 4 after rising to $4.62 in the previous week. Prices have risen from a low of $1.52/mmbtu in the third week of June 2020. Yesterday, the price jumped to $4.93/mmbtu.

In the four weeks ended February 25, gasoline demand rose 11.0% y/y, down from 17.1% y/y late in December. Growth in demand for all petroleum products increased 11.0% y/y. Growth in crude oil input to refineries rose a strengthened 18.1% y/y, after 13.1% y/y growth early in November. Gasoline inventories rose 1.0% y/y but crude oil inventories declined 11.5% y/y.

The supply of gasoline inventories in the week ending February 25 fell to 28.0 days. The supply of crude oil also was steady at 27.1 days but that remained down from 41.8 days early in March of last year.

These data are reported by the Energy Information Administration of the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data are in USENERGY

Weekly Energy Prices 03/07/22 02/28/22 02/21/22 Y/Y % 2021 2020 2019
Retail Gasoline ($ per Gallon, Regular, Monday) 4.10 3.61 3.53 48.0 3.28 2.24 2.57
Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) 106.75 92.18 92.85 71.4 67.74 39.43 56.91
Natural Gas ($/mmbtu, LA, Previous Week's Average) 4.57 4.62 4.39 63.8 3.89 2.03 2.57
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