Slide 5 of 10

Notes:

• Turning to local prices in El Paso, we can see that gasoline price trends here have largely paralleled those for the nation as a whole. The differential between the average gasoline price in El Paso and the U.S. average varies as the prices rise and fall at slightly different rates.

• The widest swings in this differential have occurred over the past year. The differential rose to over 15 cents this past March, as El Paso prices were stable, but the U.S. average was continuing to decline.

• However, since late March, El Paso prices have fallen steadily, even as the U.S. average rebounded somewhat this summer. In June, July, and August, the average gasoline price in El Paso has been below the U.S. average.