Global| Mar 25 2008U.S. Petroleum Prices Tick Lower
by:Tom Moeller
|in:Economy in Brief
Summary
Retail gasoline prices ticked down two cents last week after rising strongly during each of the prior five weeks. The retreat to $3.26 per gallon was so modest that prices so far in March are still up 6.6% from February. They were [...]
Retail gasoline prices ticked down two cents last week after rising strongly during each of the prior five weeks. The retreat to $3.26 per gallon was so modest that prices so far in March are still up 6.6% from February. They were roughly stable for three months before that.
Yesterday, the wholesale price of unleaded gasoline continued strong. A five cent rise in Monday's price to $2.48 per gallon versus Friday pulled gas prices up nearly a dime versus last week's average.
Crude oil prices also retreated with last week's average price for WTI crude down three dollars w/w to $106.02 per bbl. Yesterday crude prices backed off even further to $101.07 per barrel.
Natural gas prices also topped last week and were down w/w to $9.12 /mmbtu. Nevertheless, natural gas prices were up sharply from February and were up by nearly one third versus last year.
These energy price series are available in Haver's Daily and Weekly databases.
Globalization and the Determinants of Domestic Inflation is a panel discussion held by Janet L. Yellen, President of the San Francisco Federal Reserve Bank and it is available here.
| Weekly Prices | 03/24/08 | 03/17/08 | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon) | 3.26 | 3.28 | 24.9% | 2.80 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 106.02 | 109.43 | 81.0% | 94.00 | 61.11 | 58.16 |
| Natural Gas Price, Henry Hub ($/mmbtu) | 9.12 | 9.75 | 42.3% | 6.96 | 6.74 | 8.68 |
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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