Section 9. Energy prices

Monthly Energy Review, Oct, 2004

Crude Oil. The average price of domestic crude oil at the wellhead was $36.53 per barrel in July 2004, 33 percent above the level of July 2003. The refiner acquisition cost of imported crude oil in July 2004 was $35.99 per barrel, 29 percent higher than the July 2003 level. The average cost of domestic crude oil in July 2004 was $37.90, 28 percent more than the July 2003 average.

Motor Gasoline. The national city average retail price of unleaded regular gasoline at all types of stations was $1.90 per gallon in August 2004, 17 percent higher than the price in August 2003. The price of unleaded premium gasoline averaged $2.09 in August 2004, 16 percent higher than the price in August 2003.

Residual Fuel Oil. The average price, excluding taxes, of residual fuel oil sold to end users in July 2004 was 71 cents per gallon, 3 percent lower than the previous month's price but 2 percent higher than the July 2003 average. The average resale price, excluding taxes, of residual fuel oil in July 2004 was 66 cents, 5 percent lower than the June 2004 price but 8 percent higher than the price 1 year earlier.

Jet Fuel. The average price, excluding taxes, of kerosene-type jet fuel sold to end users in July 2004 was $1.17 per gallon, 6 percent higher than the previous month's average price and 43 percent more than the July 2003 average price.

No. 2 Distillate Fuel Oil. The July 2004 national average price, excluding taxes, of heating oil sold to residential customers was $1.43 per gallon, 2 percent higher than the June 2004 price and 23 percent higher than the July 2003 price. The average price of No. 2 fuel oil sold to all end users was $1.13 per gallon in July 2004, 8 percent higher than the June 2004 price and 36 percent higher than the price 1 year earlier.

Electricity. The average retail price of electricity sold to all ultimate consumers in the United States in July 2004 (latest month for which data are available) was 8.05 cents per kilowatthour, 2 percent higher than the average price in July 2003. The price of electricity sold to residential consumers in July 2004 averaged 9.34 cents per kilowatthour, 2 percent higher than the July 2003 price. The price of electricity sold to commercial consumers averaged 8.58 cents per kilowatthour in July 2004, slightly lower than the July 2003 price. The price of electricity sold to transportation users in July 2004 averaged 6.27 cents per kilowatthour. The price of electricity sold to industrial users in July 2004 averaged 5.46 cents per kilowatthour, 3 percent higher than the price 1 year earlier.

Natural Gas. The average wellhead price of natural gas for July 2004 (latest month for which data are available) was estimated as $5.60 per thousand cubic feet, 14 percent higher than the July 2003 price.

The average price of natural gas delivered to the electric power sector was $6.52 per thousand cubic feet in June 2004, 9 percent higher than the June 2003 price. The average price of natural gas used by residential consumers in July 2004 was $13.40 per thousand cubic feet, 7 percent higher than the July 2003 price. The average price of natural gas used by commercial consumers in July 2004 was $9.49 per thousand cubic feet, 9 percent higher than the July 2003 price. The average price of natural gas used by industrial consumers in July 2004 was $6.24 per thousand cubic feet, 11 percent above the July 2003 price.

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