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This Week In Petroleum
Have Gasoline Prices Passed This Summer’s Peak?
July 1, 2009 - Heading into the 4th of July weekend, U.S. drivers are understandably concerned about gasoline prices, which have risen by more than $1 per gallon so far in 2009, and by nearly 60 cents per gallon since the beginning of May. On the other hand, gasoline prices remain well below last summer’s record levels, and actually posted a decrease in the past week. Have we already seen the worst for this year?
U.S. retail gasoline prices are driven by a number of factors (see the EIA brochure “A Primer on Gasoline Prices”), most notably, global crude oil prices and the balance between gasoline supply and demand in the United States. The major factor behind last year’s high gasoline prices, peaking at over $4.11 per gallon in early July, was record high crude oil prices, which reached over $130 per barrel - about twice the current level - as measured by EIA’s U.S. imported crude oil price (average imported prices weighted by estimated U.S. import volumes)......more (this link will take you to the Energy Information Administration website)
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