Global| Jun 17 2008U.S. Gasoline Price Still Above $4.00
by:Tom Moeller
|in:Economy in Brief
Summary
The retail price for a gallon of regular gasoline rose another four cents last week to $4.08 per gallon, according to the U.S. Department of Energy survey. The rise followed the previous week's six cent increase. For all grades of [...]
The retail price for a gallon of regular gasoline rose another four cents last week to $4.08 per gallon, according to the U.S. Department of Energy survey. The rise followed the previous week's six cent increase. For all grades of gasoline the average price also rose last week by four cents to an average $4.13 per gallon.
Yesterday, the spot market price for a gallon of regular gasoline slipped yesterday to $3.33, but that was still up five cents from last week's average.
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 increase in gasoline prices, along with the slowdown in economic growth, have lowered the demand for gasoline during the latest four weeks by 1.7% from a year earlier. Refinery production of gasoline is down 0.8% year-to-year.
The DOE figures are available in Haver's OILWKLY database.
During all of last week, the price of a barrel of WTI crude oil rose to an average of $134.73 but yesterday the price held above $130 at $134.62.Natural gas prices slipped to $12.601/mmbtu up 67.43% versus a year earlier.
Crude Awakening: Behind the Surge in Oil Prices from the Federal Reserve Bank of Dallas can be found here.
| Weekly Prices | 06/16/08 | 06/09/08 | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon) | 4.08 | 4.04 | 35.7% | 2.80 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 134.73 | 128.14 | 102.1% | 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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