Global| Sep 09 2008U.S. Gasoline Prices Down Again Last Week
by:Tom Moeller
|in:Economy in Brief
Summary
The pump price for a gallon of regular gasoline fell three cents last week to $3.65 after having been roughly unchanged during the week prior, according to the U.S. Department of Energy survey. The price has fallen by 47 cents, or [...]
The pump price for a gallon of regular gasoline fell three cents last week to $3.65 after having been roughly unchanged during the week prior, according to the U.S. Department of Energy survey. The price has fallen by 47 cents, or more than ten percent from the peak in early July but the rate of decline has slowed. For all grades of gasoline the average price fell last week by two cents to $3.72 per gallon.
Yesterday the spot market price for a gallon of regular gasoline rose by ten cents from Friday's level to $2.92 per gallon as the storm threat passed. Since early-August these prices have moved erratically sideways.
Weekly gasoline prices can be found in Haver's WEEKLY database, daily prices are in the DAILY database.
According to the U.S. Department of Energy, the demand for gasoline fell a slight 0.2% during the last four weeks and it was down 2.2% from a year earlier.
The DOE figures are available in Haver's OILWKLY database.
The price for a barrel of West Texas Intermediate crude oil fell last week to an average $108.42 per barrel. That's down from the high early last month of $142.46. Yesterday, crude oil prices were down another two dollars from last week's average.
Prices for natural gas fell w/w to an average $7.53 per mmbtu (+32.9% y/y) which was its lowest level this year. The high for natural gas prices was in early-July at $13.19/mmbtu.
How Economic News Moves Markets from the Federal Reserve Bank of New York can be found here.
The U.S. Economic Situation and the Challenges for Monetary Policy is a recent speech by San Francisco Fed President Janet L. Yellen and it can be found here.
| Weekly Prices | 09/08/08 | 09/01/08 | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Retail Regular Gasoline ($ per Gallon) | 3.65 | 3.68 | 29.5% | 2.80 | 2.57 | 2.27 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 108.42 | 116.55 | 42.7% | 72.25 | 66.12 | 56.60 |
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.
