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Economy in Brief

U.S. Gasoline Prices Rose Another Dime to $3.60 per Gallon
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
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