Global| Mar 17 2009U.S. Gasoline Prices Dip While Crude Oil Prices Rise
by:Tom Moeller
|in:Economy in Brief
Summary
Regular gasoline prices dipped last week to $1.91 per gallon. That's at the bottom end of the $1.89 to $1.96 range in place since early February. Nevertheless the latest was up 30 cents from the December low. Yesterday, the spot [...]
Regular gasoline prices dipped last week to $1.91 per gallon. That's at the bottom end of the $1.89 to $1.96 range in place since early February. Nevertheless the latest was up 30 cents from the December low. Yesterday, the spot market price for regular gasoline rose from Friday to $1.27 per gallon, up from $1.20 averaged last week. These prices compare to those that were slightly below $1.00 at the end of last year. The figures are reported by the U.S. Department of Energy.
Weekly gasoline prices can be found in Haver's WEEKLY database. Daily prices are in the DAILY database.
Gasoline demand has recovered due to the earlier declines in prices. The latest y/y change of -0.8% moderated from the 4.8% rate of decline seen last October. (Gasoline prices at the time were just off their peak.) The change in demand is measured using the latest four weeks versus the same four weeks in 2008. Demand for all petroleum products was down 2.1% y/y after the -8.0% comparison last October. These numbers are available in Haver's OILWKLY database.
The rise in gasoline prices reflects the modest firming of crude oil prices. For a barrel of West Texas Intermediate crude oil, prices rose last week to $45.68, up 41% from the December low of $32.37 per barrel. Prices reached a high of $145.66 last July. In futures trading yesterday, the one-month price for crude oil rose even further to $47.35 per barrel.
The price of natural gas continued to slide last week with a sharp decline to $3.88 per mmbtu (-60.2% y/y), the lowest level since 2002. The latest average price was down more than two-thirds from the high reached in early-July of $13.19/mmbtu.
Changes in U.S. Family Finances from 2004 to 2007: Evidence from the Survey of Consumer Finances from the Federal Reserve Board can be found here.
| Weekly Prices | 03/16/09 | 03/09/09 | Y/Y | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 1.91 | 1.94 | -41.8% | 3.25 | 2.80 | 2.57 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 45.68 | 43.26 | -58.3% | 100.16 | 72.25 | 66.12 |
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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