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Economy in Brief
U.S. Mortgage Applications Continue to Weaken
The MBA Loan Applications Index fell 1.2% (-54.5% y/y) in the week ended May 20...
German Climate Reading Continues to Skid Toward the Abyss
Germany's GfK consumer climate reading improved ever so slightly in June...
U.S. New Home Sales Plunge in April as Prices Jump
The new home sales market is unraveling...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $4.59 per gallon in the week ended May 23...
S&P Flash PMIs Are Mixed in May As Manufacturing Erodes Slowly
Among the early reporting countries in Europe and Japan, the S&P PMI readings for May tilt toward weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Tom Moeller April 29, 2008
The retail price for a gallon of regular gasoline rose another ten cents last week to $3.60 per gallon, according to the U.S. Department of Energy survey.Prices have now risen 55 cents (18.0%) since the end of last year.
Spot market prices for gasoline may have reached a plateau this week. Yesterday's wholesale price for a gallon of non-oxygenated gasoline was $2.92 per gallon, equal to last week's average.
At $118.75, yesterday's price for a barrel of WTI crude oil also was near last week's average of $119.21/bbl.
Natural gas prices, however, continued to surge. A jump yesterday in the wholesale price of natural gas to $11.04 per mmbtu followed last week's surge to an average $10.49/mmbtu.
Weekly gasoline prices can be found in Haver's WEEKLY database, daily prices are found in the DAILY database.
Oil and the U.S. Macro economy: An Update and a Simple Forecasting Exercise is a working paper from the Federal Reserve Bank of St. Louis and it is available here.
| Weekly Prices | 04/28/08 | 04/21/08 | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon) | 3.60 | 3.51 | 21.3% | 2.80 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 119.21 | 114.41 | 82.9% | 94.00 | 61.11 | 58.16 |
