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Economy in Brief

Crude Oil Prices Surge, Gasoline Prices Dip
by Tom Moeller August 11, 2004

Spot crude oil prices surged last week with the price of West Texas Intermediate crude rising to a record $44.55 per barrel.

The average price for unleaded regular gasoline fell to $1.88 per gallon versus the high of $2.06 in late May.

Despite the decline in gas prices the relative price of gasoline is the highest since the early 1980s, up 85% since the low in early 1999.

Wholesale natural gas prices eased further last week to $5.78/mmbtu (+21.2% y/y).

For the latest Short Term Energy Outlook from the US Department of Energy click here.

Energy Prices 08/09/04 12/31/03 Y/Y 2003 2002 2001
US Retail Gasoline, Regular ($/Gal.) $1.88 $1.48 19.5% $1.56 $1.35 $1.42
Domestic Spot Market Price: West Texas Intermediate ($/Barrel) $44.55 $32.78 39.5% $32.78 $31.23 $19.38
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