By the OGJ Online Staff
HOUSTON, Jan. 11 -- The raw energy products price index plummeted 53% during 2001 following an 85.6% increase in 2000, the Bureau of Labor Statistics reported Friday, demonstrating the continued volatility of energy prices.
The price index for finished energy goods, including gasoline and heating oil, fell 17.2% for 2001, compared to a 16.6% increase in 2000, the government said.
On a month-to-month basis, the raw energy product index, including petroleum, natural gas, and coal, fell 20.5% in December, nearly offsetting a 28.3% gain in November. However, crude oil plummeted 21.6% following a 7.4% decline in November.
The finished energy goods price index declined 4% in December, following a 3.8% decline in November. Finished goods, such as gasoline and liquefied petroleum gas indexes, led December's decline, tumbling 8.2% and 19.3%, respectively. Falling prices for home heating oil, residential natural gas, diesel fuel, and residential electric power also contributed to the decrease for the finished energy goods index.
The index for intermediate energy materials fell 4.5% in December, more than the 1.6% decline in November 2001. Diesel fuel was down 19.5% in December, compared to a 1.8% decrease the previous month. Prices for liquefied petroleum gas, jet fuels, and commercial natural gas also decreased more rapidly in December than they did in November.
Electricity prices, on the other hand, declined 1.2% in December after rising 1.8% in November, the government said. Prices for natural gas to electric utilities also decreased but at a slower pace.
The intermediate energy goods price index fell 17.2% for 2001, compared to a 19% increase for 2000.
