Gasoline Price Changes - Federal Trade Commission

More documents

Recommendations

Info

GASOLINE PRICE CHANGES: Price (Cents per Gallon) 350 300 250 200 150 100 50 0 1919 1924 Source: EIA, BLS Figure 3-4: U.S. Annual Average Nominal Real Gasoline Retail Prices (1919-2004) 1929 1934 1939 1944 Real Price (2005 Dollars) 1949 1954 1959 Nominal Price D. Year-by-Year Percentage Price Changes from 1979 through 2004. Finally, Figure 3-5 reports the year-by-year percentage changes for real U.S. annual average retail gasoline prices (excluding taxes) and real wellhead crude oil prices for each year from 1979 through 2004. For that time period, the real U.S. average annual retail gasoline price fell below the prior year’s price just as often as it rose, although price drops tended to represent smaller percentages than price increases. In addition, in all years except 2002, gasoline and crude oil prices changed in the same direction, although not by exactly the same percentages. 46 1964 1969 1974 1979 1984 1989 1994 1999 2004 FEDERAL TRADE COMMISSION, JUNE 2005
Year-over-year Percentage Change in Price 80% 60% 40% 20% 0% -20% -40% -60% Source: EIA, BEA 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 THE DYNAMIC OF SUPPLY, DEMAND, AND COMPETITION Figure 3-5: Yearly Real Price Changes for Crude Oil and Gasoline, 1979 to 2004 (2004 Dollars) E. Price Trends for 2005. % Change Real (2004 Dollars) Wellhead Crude Oil Prices % Change Real (2004 Dollars) Gasoline Prices Excluding Taxes 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 With the beginning of 2005, average retail gasoline prices were increasing relative to 2004 levels. The average retail price of gasoline (including taxes) was $2.04 per gallon during the first 5 months. 24 This is higher than the first five months of 2004 when the average retail gasoline price (including taxes) was $1.75. 25 While it is impossible to predict the future, to date, 2005 average retail gasoline prices continue to be significantly higher than over the past 20 years. Additionally, current crude oil futures contracts for delivery through 2010 are over $57 per barrel, 26 indicating that retail gasoline prices may continue to be higher than over the past 20 years. In sum, the data in Section III show that, for the period from 1985 through 2003, real annual average retail gasoline prices in the U.S. are below those of the previous 40 years and fell below the prior year’s prices as often as they rose above them. It is difficult to predict whether U.S. real annual average retail gasoline prices will rise or fall in the future, but the information for 2004 and early 2005 shows higher retail gasoline prices relative to the last 20 years. CHAPTER 3: THE NATIONAL LEVEL 47
Page 2:
Federal Trade Commission DEBORAH PL
Page 5 and 6:
GASOLINE PRICE CHANGES: The vast ma
Page 7 and 8:
GASOLINE PRICE CHANGES: $ The World
Page 9 and 10:
GASOLINE PRICE CHANGES: expect incr
Page 11 and 12:
GASOLINE PRICE CHANGES: Figure 3-6:
Page 13 and 14:
GASOLINE PRICE CHANGES: $ Increased
Page 15 and 16:
GASOLINE PRICE CHANGES: $ Since 199
Page 17 and 18:
GASOLINE PRICE CHANGES: increase lo
Page 19 and 20:
GASOLINE PRICE CHANGES: England and
Page 21 and 22:
Table of Contents EXECUTIVE SUMMARY
Page 23 and 24: C. In 2004, the Geopolitical Outloo
Page 25 and 26: CHAPTER 4: SUPPLY, DEMAND, AND COMP
Page 27 and 28: 3. Gasoline prices in the East Coas
Page 29 and 30: CHAPTER 1. SUPPLY (INFLUENCED BY OP
Page 31 and 32: To obtain the additional supply the
Page 33 and 34: THE DYNAMIC OF SUPPLY, DEMAND, AND
Page 35 and 36: Price (Cents per Gallon) 220 200 18
Page 37 and 38: words, short-run demand for gasolin
Page 39 and 40: Endnotes THE DYNAMIC OF SUPPLY, DEM
Page 41 and 42: CHAPTER 2. WORLDWIDE SUPPLY, DEMAND
Page 49 and 50: Thousand Barrels per Day 18,000 16,
Page 55 and 56: Million Barrels per Day 0.9 0.8 0.7
Page 61 and 62: such as ethane, ethylene, and propa
Page 65 and 66: CHAPTER 3. SUPPLY, DEMAND, AND COMP
Page 73: THE DYNAMIC OF SUPPLY, DEMAND, AND
Page 79 and 80: Capacity (Million Barrels per Calen
Page 91 and 92: Endnotes THE DYNAMIC OF SUPPLY, DEM
Page 97 and 98: CHAPTER 4. SUPPLY, DEMAND, AND COMP
Page 99 and 100: Price Difference (Cents per Gallon)
Page 107 and 108: Millions of Barrels 1,500 1,250 1,0
Page 111 and 112: Millions of Barrels per Day 9 8 7 6
Page 125 and 126:
THE DYNAMIC OF SUPPLY, DEMAND, AND
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
CHAPTER 5. STATE AND LOCAL POLICIES
Page 133 and 134:
Percentage of Customers Lost to 1%
Page 135 and 136:
Retail Price (cents per gallon) 220
Page 137 and 138:
Share (Percent) 80 70 60 50 40 30 2
Page 139 and 140:
Page 141 and 142:
Price (Cents per Gallon) 200 190 18
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
6. GAO, supra note 5, at 20. 7. Id.
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165:
Herfindahl-Hirschman Index (HHI) Th
show all

Gasoline Price Changes - Federal Trade Commission

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?