Section 9. Energy prices

Monthly Energy Review, Sept, 2004

Crude Oil. The average price of domestic crude oil at the wellhead was $34.53 per barrel in June 2004, 29 percent above the level of June 2003. The refiner acquisition cost of imported crude oil in June 2004 was $33.58 per barrel, 23 percent higher than the June 2003 level. The average cost of domestic crude oil in June 2004 was $67.56, 26 percent more than the June 2003 average.

Motor Gasoline. The national city average retail price of unleaded regular gasoline at all types of stations was $1.94 per gallon in July 2004, 27 percent higher than the price in July 2003. The price of unleaded premium gasoline averaged $2.13 in July 2004, 25 percent higher than the price in July 2003.

Residual Fuel Oil. The average price, excluding taxes, of residual fuel oil sold to end users in June 2004 was 74 cents per gallon, 2 percent higher than the previous month's price and 16 percent higher than the June 2003 average. The average resale price, excluding taxes, of residual fuel oil in May 2004 was 70 cents, 1 percent higher than the May 2004 price and 21 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 June 2004 was $1.10 per gallon, 6 percent higher than the previous month's average price and 44 percent more than the June 2003 average price.

No. 2 Distillate Fuel Oil. The June 2004 national average price, excluding taxes, of heating oil sold to residential customers was $1.41 per gallon, 1 percent higher than the May 2004 price and 15 percent higher than the June 2003 price. The average price of No. 2 fuel oil sold to all end users was $1.05 per gallon in June 2004, 2 percent higher than the May 2004 price and 29 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 June 2004 (latest month for which data are available) was 7.86 cents per kilowatthour, slightly higher than the average price in June 2003. The price of electricity sold to residential consumers in June 2004 averaged 9.24 cents per kilowatthour, slightly higher than the June 2003 price. The price of electricity sold to commercial consumers averaged 8.46 cents per kilowatthour in June 2004, 1 percent lower than the June 2003 price. The price of electricity sold to industrial users in June 2004 averaged 5.31 cents per kilowatthour, 5 percent higher than the price 1 year earlier.

Beginning with January 1986, new series of national average price estimates were based on a statistically derived sample of both publicly and privately owned electric utilities. Previously, average price estimates were derived from selected privately owned electric utilities and were not national averages.

Natural Gas. The average wellhead price of natural gas for May 2004 (latest month for which data are available) was estimated as $5.63 per thousand cubic feet, 13 percent higher than the May 2003 price.

The average price of natural gas delivered to the electric power sector was $6.27 per thousand cubic feet in May 2004, 10 percent higher than the May 2003 price. The average price of natural gas used by residential consumers in May 2004 was $11.60 per thousand cubic feet, 9 percent higher than the May 2003 price. The average price of natural gas used by commercial consumers in May 2004 was $9.04 per thousand cubic feet, 4 percent higher than the May 2003 price. The average price of natural gas used by industrial consumers in May 2004 was $6.27 per thousand cubic feet, 12 percent above the May 2003 price.

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