Global| Nov 06 2007Gasoline Above $3.00 per Gallon, Again
by:Tom Moeller
|in:Economy in Brief
Summary
On average, retail gasoline prices topped $3.00 per gallon last week, according to the US Department of Energy survey. The level was not a record as it was still below the highs reached in early June. It did, however, represent a 7.5% [...]
On average, retail gasoline prices topped $3.00 per gallon last week, according to the US Department of Energy survey. The level was not a record as it was still below the highs reached in early June. It did, however, represent a 7.5% increase from the average level in October and a roughly one third increase from prices a year earlier. 
Divided by consumer prices other than energy, these gasoline prices are just 6% below the high reached in 1981.
Higher crude oil prices have driven the price increase. On Friday, spot WTI crude stood at $90.39 per barrel, up by half the price during late 2006.
In another inflation signal, gold prices rose to near $800 per ounce, the level surpassed the previous record price reached in early 1980.
Energy Prices and the Economy, a 2004 article from the Federal Reserve Bank of Dallas is available here.
| Weekly Prices | 11/05/07 | 10/31/07 | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon) | 3.01 | 2.87 | 37.0% | 2.57 | 2.27 | 1.85 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 90.39 | 86.48 | 53.9% | 61.11 | 58.16 | 41.78 |
| Gold: Handy & Harmon ($ per Troy Oz.) | $783.25 | $758.25 | 29.7% | 628.70 | $507.40 | $443.40 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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