WORLD CRUDE OIL PRICES
World Crude Oil Prices (weekly data, not seasonally adjusted)
The world price of crude oil is the most important factor influencing domestic motor fuel prices, since oil imports make up more than half of the U.S. oil supply. Motor fuel prices, in turn, directly affect the cost of transportation. Increases in transportation costs caused by higher world crude oil prices are pure additional costs in the sense that U.S. citizens do not generally benefit.
|World Crude Oil||31-May-02||7-Jun-02|
|Price (dollars per barrel)||22.83||22.31|
|Dollars per barrel percent change from the previous week||-5.03||-2.28|
SOURCE: U.S. Department of Energy, Energy Information Administration, Crude Oil Watch, as of June, 2002, available at: http://tonto.eia.doe.gov/oog/info/twip/twip_crude.html