Global| Feb 10 2009U.S. Gasoline Prices Highest Since December
by:Tom Moeller
|in:Economy in Brief
Summary
According to the U.S. Department of Energy survey, regular gasoline prices last week continued their upward movement in place since late December. At an average $1.93 per gallon, prices have increased 31 cents from the low. And the [...]
According to the U.S. Department of Energy survey, regular gasoline prices last week continued their upward movement in place since late December. At an average $1.93 per gallon, prices have increased 31 cents from the low. And the up-move continues. Though prices fell slightly yesterday from Friday, the spot market price for regular gasoline at $1.28 per gallon was still higher versus last week's average.
Weekly gasoline prices can be found in Haver's WEEKLY database. Daily prices are in the DAILY database.
Perhaps the shortfall in demand is easing and that is lifting prices. Gasoline demand continued down year-to-year in reaction to the economy's weakness, the U.S. Department of Energy reported. But the year-to-year shortfall eased to -2.4% from its worst comparison of -4.8% last October (the latest four weeks versus the same four weeks in 2008). The decline in the demand for all petroleum products also eased to -2.8% y/y. These numbers are available in Haver's OILWKLY database.
The price for a barrel of West Texas Intermediate crude fell back last week to $40.50 per barrel from the average $41.72 during January. Prices reached a high of $145.66 last July. In futures trading yesterday, the one-month price for crude oil fell versus last week to $40.08 per barrel, down sharply from one week ago.
The price of natural gas was roughly stable last week at $4.84 per mmbtu (-38.7% y/y). The latest average price was down roughly two-thirds from the high reached in early-July of $13.19/mmbtu.
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| Weekly Prices | 02/09/09 | 02/02/09 | Y/Y | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon) | 1.93 | 1.89 | -34.9% | 3.25 | 2.80 | 2.57 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 40.50 | 42.52 | -54.50% | 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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