Natural gas prices on average were lower in 2009 than in 2008 and in 2007, with prices in 2008 hitting uniquely high levels.
A significant portion of our natural gas production in the lower 48 states of the U. S.  is sold at bid-week prices or first-of-month indices relative to our specific producing areas.
A large portion of natural gas sales in Alaska are subject to term contracts.
Our other major natural gas-producing regions are Europe and Equatorial Guinea, where large portions of our natural gas sales are also subject to term contracts, making realized prices in these areas less volatile.
As we sell larger quantities of natural gas from these regions, to the extent that these fixed prices are lower than prevailing prices, our reported average natural gas prices realizations may be less than benchmark natural gas prices.
Oil Sands Mining Oil Sands Mining segment revenues correlate with prevailing market prices for the various qualities of synthetic crude oil and vacuum gas oil we produce.
Roughly two-thirds of the normal output mix will track movements in WTI and one-third will track movements in the Canadian heavy sour crude oil marker, primarily Western Canadian Select.
Output mix can be impacted by operational problems or planned unit outages at the mine or the upgrader.
The operating cost structure of the oil sands mining operations is predominantly fixed and therefore many of the costs incurred in times of full operation continue during production downtime.
Per-unit costs are sensitive to production rates.
Key variable costs are natural gas and diesel fuel, which track commodity markets such as the Canadian AECO natural gas sales index and crude prices respectively.
The table below shows average benchmark prices that impact both our revenues and variable costs.
## Table 0 ##
(a) Monthly pricing based upon average WTI adjusted for differentials unique to western Canada.
(b) Alberta Energy Company day ahead index.
Integrated Gas Our integrated gas strategy is to link stranded natural gas resources with areas where a supply gap is emerging due to declining production and growing demand.
Our integrated gas operations include marketing and transportation of products manufactured from natural gas, such as LNG and methanol, primarily in west Africa, the U. S.  and Europe.
Our most significant LNG investment is our 60 percent ownership in a production facility in Equatorial Guinea, which sells LNG under a long-term contract at prices tied to Henry Hub natural gas prices.
In 2009, the gross sales from the plant were 3.9 million metric tonnes, while in 2008, its first full year of operations, the plant sold 3.4 million metric tonnes.
Industry estimates of 2009 LNG trade are approximately 185 million metric tonnes.
More LNG production facilities and tankers were under construction in 2009.
As a result of the sharp worldwide economic downturn in 2008, continued weak economies are expected to lower natural gas consumption in various countries; therefore, affecting near-term demand for LNG.
Long-term LNG supply continues to be in demand as markets seek the benefits of clean burning natural gas.
Market prices for LNG are not reported or posted.
In general, LNG delivered to the U. S.  is tied to Henry Hub prices and will track with changes in U. S.  natural gas prices, while LNG sold in Europe and Asia is indexed to crude oil prices and will track the movement of those prices.
We own a 45 percent interest in a methanol plant located in Equatorial Guinea through our investment in AMPCO.
Gross sales of methanol from the plant totaled 960,374 metric tonnes in 2009 and 792,794 metric tonnes in 2008.
Methanol demand has a direct impact on AMPCO’s earnings.
Because global demand for methanol is rather limited, changes in the supply-demand balance can have a significant impact on sales prices.
The 2010 Chemical Markets Associates, Inc.  estimates world demand for methanol in 2009 was 41 million metric tonnes.
Our plant capacity is 1.1 million, or about 3 percent of total demand.
Refining, Marketing and Transportation RM&T segment income depends largely on our refining and wholesale marketing gross margin, refinery throughputs and retail marketing gross margins for gasoline, distillates and merchandise.
M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) 11.
Stock-based compensation plans Stock-based compensation expense was $54 million in each of 2010 and 2009 and $50 million in 2008.
The Company recognized income tax benefits related to stock-based compensation of $17 million in each of 2010 and 2009 and $11 million in 2008.
The Company’s equity incentive compensation plan allows for the issuance of various forms of stock-based compensation, including stock options, restricted stock, restricted stock units and performance-based awards.
Through December 31, 2010, only stock-based compensation awards, including stock options, restricted stock and restricted stock units, that vest with the passage of time as service is provided have been issued.
At December 31, 2010 and 2009, respectively, there were 5,959,828 and 6,134,264 shares available for future grant under the Company’s equity incentive compensation plan.
Restricted stock awards Restricted stock awards are comprised of restricted stock and restricted stock units.
Restricted stock awards generally vest over four years.
Unrecognized compensation expense associated with restricted stock was $23 million as of December 31, 2010 and is expected to be recognized over a weighted-average period of 1.5 years.
The Company generally will issue restricted shares from treasury stock to the extent available, but may also issue new shares.
During 2010, 2009 and 2008, the number of restricted shares issued was 423,002, 709,415 and 37,747, respectively, with a weighted-average grant date fair value of $31,880,000, $27,932,000 and $3,446,000, respectively.
Unrecognized compensation expense associated with restricted stock units was $7 million as of December 31, 2010 and is expected to be recognized over a weighted-average period of 1.2 years.
During 2010 and 2009, the number of restricted stock units issued was 231,037 and 578,131, respectively, with a weighted-average grant date fair value of $17,039,000 and $22,663,000, respectively.
There were no restricted stock units issued in 2008.
A summary of restricted stock and restricted stock unit activity follows:
## Table 1 ##
Stock option awards Stock options issued generally vest over four years and are exercisable over terms not exceeding ten years and one day.
The Company used an option pricing model to estimate the grant date present value of stock options granted.
Stock options granted in 2010 and 2009 were not significant.
For 2008 the weighted-average estimated grant date value per option was $15.85.
The value was calculated using the following weighted-average assumptions: an option term of 6.5 years (representing the estimated period between grant date and exercise date based on historical data); a risk-free interest rate of 3.21% (representing the yield on a U. S.  Treasury security with a remaining term equal to the expected option term); expected volatility of 21% (based on historical volatility of M&T’s common stock price); and an estimated dividend yield of 3.07% (representing the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date).
Based on historical data and projected employee turnover rates, the Company reduced the estimated value of stock options for purposes of recognizing stock-based compensation expense by 7% to reflect the probability of forfeiture prior to vesting.
Aggregate fair value of options expected to vest that were granted in 2008 were $46 million.
M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the year ended December 31, 2008 were as follows:
## Table 2 ##
(a) Reported as an other-than-temporary impairment loss in the consolidated statement of income or as gain (loss) on bank investment securities.
(b) Reported as mortgage banking revenues in the consolidated statement of income and includes the fair value of commitment issuances and expirations.
(c) The Company’s policy for transfers between fair value levels is to recognize the transfer as of the actual date of the event or change in circumstances that caused the transfer.
(d) As a result of the Company’s adoption of new accounting rules governing the consolidation of variable interest entities, effective January 1, 2010 the Company derecognized $355 million of available-for-sale investment securities previously classified as Level 3 measurements.
Further information regarding the Company’s adoption of new accounting requirements is included in note 19.
The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements.
The more significant of those assets follow.
Loans Loans are generally not recorded at fair value on a recurring basis.
Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans.
Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans when establishing the allowance for credit losses.
Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan.
Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace and the related nonrecurring fair value measurement adjustments have
M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) operating in markets served by the Company.
The Company believes that the carrying amounts, which are included in other liabilities, are reasonable estimates of the fair value of these financial instruments.
The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company.
The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities.
Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise.
Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made.
Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different.21.
Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding.
The following table presents the Company’s significant commitments.
Certain of these commitments are not included in the Company’s consolidated balance sheet.

<table><tr><td>Benchmark</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>WTI crude oil (Dollars per barrel)</td><td>$62.09</td><td>$99.75</td><td>$72.41</td></tr><tr><td>Western Canadian Select (Dollars per barrel)<sup>(a)</sup></td><td>$52.13</td><td>$79.59</td><td>$49.60</td></tr><tr><td>AECO natural gas sales index (Dollars per mmbtu)<sup>(b)</sup></td><td>$3.49</td><td>$7.74</td><td>$6.06</td></tr></table>
<table><tr><td></td><td>Restricted Stock Units Outstanding</td><td> Weighted-   Average   Grant Price</td><td>Restricted Stock Outstanding</td><td> Weighted-   Average   Grant Price</td></tr><tr><td>Unvested at January 1, 2010</td><td>566,449</td><td>$39.21</td><td>733,687</td><td>$42.52</td></tr><tr><td>Granted</td><td>231,037</td><td>73.75</td><td>423,002</td><td>75.37</td></tr><tr><td>Vested</td><td>-74,144</td><td>41.58</td><td>-165,799</td><td>65.33</td></tr><tr><td>Cancelled</td><td>-3,366</td><td>52.07</td><td>-25,818</td><td>49.74</td></tr><tr><td>Unvested at December 31, 2010</td><td>719,976</td><td>$49.99</td><td>965,072</td><td>$52.81</td></tr></table>
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Changes in Unrealized Gains</td></tr><tr><td></td><td></td><td colspan="2">Total Gains (Losses)</td><td></td><td></td><td></td><td>(Losses) Included</td></tr><tr><td></td><td></td><td colspan="2">Realized/Unrealized</td><td></td><td></td><td></td><td>in Earnings Related</td></tr><tr><td></td><td></td><td></td><td>Included in</td><td></td><td></td><td></td><td>to Assets Still</td></tr><tr><td></td><td> Balance- </td><td></td><td>Other</td><td>Purchases, Sales,</td><td>Transfer in</td><td> Balance- </td><td>Held at</td></tr><tr><td></td><td> January 1, </td><td>Included</td><td>Comprehensive</td><td>Issuances &</td><td>and/or out of</td><td> December 31, </td><td>December 31,</td></tr><tr><td></td><td> 2008</td><td>in Earnings</td><td>Income</td><td>Settlements</td><td>Level 3</td><td> 2008</td><td>2008</td></tr><tr><td></td><td></td><td></td><td></td><td>(In thousands)</td><td></td><td></td><td></td></tr><tr><td>Investment securities available for sale:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and federal agencies</td><td>$5,696</td><td>—</td><td>364</td><td>-528</td><td>—</td><td>5,532</td><td>—</td></tr><tr><td>Obligations of states and political subdivisions</td><td>50</td><td>—</td><td>-5</td><td>-7</td><td>—</td><td>38</td><td>—</td></tr><tr><td>Government issued or guaranteed mortgage-backed securities</td><td>118,992</td><td>—</td><td>878</td><td>-6,390</td><td>-28,936</td><td>84,544</td><td>—</td></tr><tr><td>Privately issued residential and commercial mortgage-backed securities</td><td>1,159,644</td><td>-12,483(a)</td><td>-408,211</td><td>-236,669</td><td>1,865,319</td><td>2,367,600</td><td>-12,483(a)</td></tr><tr><td>Collateralized debt obligations</td><td>27,115</td><td>-11,413(a)</td><td>-13,232</td><td>—</td><td>26</td><td>2,496</td><td>-11,413(a)</td></tr><tr><td>Equity securities</td><td>2,324</td><td>—</td><td>-9</td><td>-13</td><td>—</td><td>2,302</td><td>—</td></tr><tr><td></td><td>1,313,821</td><td>-23,896</td><td>-420,215</td><td>-243,607</td><td>1,836,409</td><td>2,462,512</td><td>-23,896</td></tr><tr><td>Other assets and other liabilities</td><td>2,654</td><td>31,356(b)</td><td>—</td><td>—</td><td>-25,744</td><td>8,266</td><td>8,266(b)</td></tr></table>

Question: by what percentage did the average price of the wti crude oil benchmark decrease from 2008 to 2009?
Answer: -0.37754