Global| Feb 28 2012U.S. Gasoline Prices Jump To Record High
by:Tom Moeller
|in:Economy in Brief
Summary
If gasoline prices seem high, they are. Seasonally adjusted prices reached a record high last week. Pump prices for regular gasoline increased another thirteen cents last week to $3.72 per gallon and were up forty three cents versus [...]
If gasoline prices seem high, they are. Seasonally adjusted prices reached a record high last week. Pump prices for regular gasoline increased another thirteen cents last week to $3.72 per gallon and were up forty three cents versus early-January. Moreover, retail prices typically decline this time of year with reduced seasonal demand. Haver Analytics' seasonally-adjusted price for regular unleaded jumped to a record $3.94 last week. Yesterday, the wholesale price for a gallon of unleaded was $3.14 versus $3.02 averaged two weeks ago.
Tensions in the Mideast continue to have their effect driving petroleum prices upward. The price for a barrel of light sweet crude oil jumped last week to $107.43 and was up sharply from the low of $79.71 this past October. Yesterday, the price increased further to $108.56. Prices peaked at $113.93 in late-April. Brent crude rose last week to $123.38 per barrel and was $125.07 yesterday. Prices peaked earlier at $126.21.
Natural gas prices increased ten cents last week to $2.63 per mmbtu. However, that still was down roughly one-third y/y. Yesterday prices fell back to $2.56 and were lower versus the early-January 2010 peak of $6.50.
Gasoline demand recently fell 6.1% on average versus last year. Demand for residual fuel oil, used for heating, declined forty-two percent y/y and distillate demand was off 5.9% y/y. Inventories of crude oil and petroleum products fell 1.6% year-to-year compared to a 10.0% rise during mid-2009.
The energy price data are reported by the U.S. Department of Energy and can be found in Haver's WEEKLY database. The daily figures are in DAILY and the gasoline demand figures are in OILWKLY.
Have Rising Oil Prices Become a Greater Threat to Price Stability from the Federal Reserve Bank of Kansas City is available here.
| Weekly Price | 02/27/12 | 02/20/12 | 02/13/12 | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon, Regular) | 3.72 | 3.59 | 3.52 | 10.0 | 3.52 | 2.78 | 2.35 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 107.43 | 101.80 | 98.51 | 12.0 | 95.14 | 79.51 | 61.39 |
| Natural Gas ($/mmbtu) | 2.63 | 2.53 | 2.51 | -31.5 | 3.99 | 4.40 | 3.95 |
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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