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Economy in Brief

U.S. Energy Prices Continue to Decline
by Tom Moeller  September 13, 2022

• Gasoline prices are lowest since February.

• Crude oil prices fall sharply.

• Natural gas prices remain under pressure.

Retail gasoline prices declined to $3.69 per gallon (+16.6% y/y) last week after declining to $3.75 per gallon in the prior week. It was the lowest price since the last week of February. Prices have weakened steadily from a record $5.01 per gallon in the second week of June.

West Texas Intermediate crude oil prices fell to $84.91 per barrel (+23.2% y/y) in the week ended September 9 from $90.59 per barrel in the prior week. Yesterday the price was $87.78 per barrel. The average price of Brent crude oil declined to $90.43 per barrel (+25.6% y/y) after easing to $95.31 in the previous week. The price peaked at $127.40 in mid-June. Yesterday, Brent Crude cost $93.45 per barrel.

The price of natural gas weakened to $8.31/mmbtu (70.6% y/y) in the week of September 9 from $9.17/mmbtu in the previous week. Prices remained up from a low of $3.56/mmbtu in the last week of December. Yesterday, the price was $8.52/mmbtu.

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.

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