Global| Jul 22 2008U.S. Gasoline Price Fell a Nickel, Crude Down $5.00
by:Tom Moeller
|in:Economy in Brief
Summary
The retail price for a gallon of regular gasoline dropped five cents last week to $4.06 per gallon, according to the U.S. Department of Energy survey. For all grades of gasoline the average price also fell five cents to $4.12 per [...]
The retail price for a gallon of regular gasoline dropped five cents last week to $4.06 per gallon, according to the U.S. Department of Energy survey. For all grades of gasoline the average price also fell five cents to $4.12 per gallon.
Yesterday, the spot market price for a gallon of regular gasoline did rise a nickel versus Friday to $3.08 per gallon. The latest price was, however, down sharply from the highs one week ago above $3.40.
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 during the latest four weeks fell 2.9% from a year earlier due to the increase in gasoline prices, along with the slowdown in economic growth. Gasoline demand was on the same negative pace as the prior week and it was the weakest reading for gasoline demand in three years.
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 $135.34 per barrel down from $142.46 at the beginning of the month. Yesterday, the price for a barrel of crude was $131.04.
Price for natural gas slipped for a second week. Last week's price averaged $11.26 per mmbtu (76.9% y/y) and prices fell further yesterday to $10.53.
| Weekly Prices | 07/21/08 | 07/14/08 | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon) | 4.06 | 4.11 | 37.4% | 2.80 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 135.34 | 140.16 | 80.6% | 72.25 | 66.12 | 56.60 |
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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