PRICES AND SPENDING

U.S. BUREAU OF LABOR STATISTICS

MAY 2013 • VOLUME 2/ NUMBER 13

U.S. BUREAU OF LABOR STATISTICS | MAY 2013 1 www.bls.gov

The effects of shale gas production on natural 

gas prices

Authors: PPI Energy and Chemicals Team

The Producer Price Index (PPI) for natural gas, measured 

on an annual average basis, fell 56.8 percent between 

2007 and 2012, in response to strong growth in domestic 

energy production. The application of horizontal hydraulic fracturing 

(fracking) to shale rock formations contributed significantly to this 

increase in supply, as the technique boosted natural gas production 

yield by more than 25 percent over this period.

Since 2007, the PPI for natural gas has exhibited marked volatility. 

Chart 1 presents an indexed view of natural gas prices and 

domestic natural gas production from 2007 through 2012.1

Since shale gas has been a key player in domestic natural gas 

production for only a few years, and because it has been tracked 

Related articles

More BLS articles and information on producer 

prices can be found at the following links:

y Price transmission effects through 

three stages of food production, 

www.bls.gov/opub/mlr/2012/12/

art2full.pdf

y Price transmission: from crude 

petroleum to plastics products, 

www.bls.gov/opub/mlr/2006/12/

art4full.pdf
U.S. BUREAU OF LABOR STATISTICS | MAY 2013 2 www.bls.gov

BEYOND THENUMBERS PRICES AND SPENDING

25

50

75

100

125

150

175

200

225

Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12

Natural gas price index Natural gas production

Source: U.S. Bureau of Labor Statistics and the Energy Information Administration.

Producer Price Index (PPI) for natural gas and natural gas domestic production, January 2007–December 2012

Index value (January 2007 = 100)

over a relatively short period (since 2007) by the Energy 

Information Administration (EIA), analysts find that it is 

difficult to quantify precisely the effects that shale gas 

has had on natural gas prices. However, data indicate 

that increasingly higher natural gas prices during the first 

half of 2008 lured additional shale gas to the market. As 

natural gas prices peaked in July 2008, drilling activity (as 

measured by rig counts) hit an all-time high.2

 Eventually, 

effects of oversupply took hold.

The EIA notes that, “increased natural gas supply tends to 

dampen prices. In turn, lower prices can erode incentive for 

drilling, which eventually results in decreased production.”3

Since 2008, this has held true for domestic rig counts. In 

September 2008, the natural gas rig count peaked at 1,585 

rigs; but by November 2012, the total rig count fell 73.4 

percent to 421 rigs.4

 The New York Mercantile Exchange 

(NYMEX) natural gas futures closing price, which hit $8.39 

on August 27, 2008, plummeted to $3.47 by October 29, 

2012—a decrease of 58.5 percent.5

 With prices currently 

well below their 2008 peak, producers have cut back on 

new drilling activity to avoid oversupply in the natural 

gas market. However, despite the slowdown in drilling 

activity, overall production has continued to rise, due to 

expanded horizontal hydraulic fracturing to shale rock 

formations. In terms of demand, domestic consumption 

increased 9.4 percent between 2008 and 2012, chiefly due 

to increased demand from the electric power sector, which 

rose 37 percent between 2008 and 2012.6

 The vast majority 

of electric power is generated from coal and natural gas. 

As the price of natural gas fell relative to that of coal, the 

electric power generation sector increased natural gas 

consumption and reduced coal consumption.7

Shale gas and natural gas 

production

Examining growth in shale gas production may shed 

further light on the downward trend in natural gas prices. 

EIA data show domestic natural gas production increased 

24.5 percent from January 2007 to December 2012. After 

2007, the role of shale gas expanded, while extraction from 

all other sources shrank. From 2007 to 2011, yearly natural 

gas production less shale gas production decreased 

11.9 percent. In 2008, production from shale formations 

increased 44.2 percent, 37.9 percent in 2009, 47.0 percent 

in 2010, and 46.1 percent in 2011. Shale production in 

2011 was approximately 8.5 million of million cubic feet 

(MMcf), an overall increase of 327.2 percent from 2007.8

 As 

a percentage of all production, gas from shale formations 

increased from 8.1 percent in 2007 to 29.9 percent in 

Chart 1

Sources: U.S. Bureau of Labor Statistics and the Energy Information Administration.
U.S. BUREAU OF LABOR STATISTICS | MAY 2013 3 www.bls.gov

BEYOND THENUMBERS PRICES AND SPENDING

0

5

10

15

20

25

30

35

2007 2008 2009 2010 2011

Shale gas extracted All other gas extraction methods

Source: Energy Information Administration.

U.S. natural gas production for shale and all other extraction methods, in millions of million cubic feet 

(MMcf), 2007–2011

Million MMcf

2011, while total extraction (gas removed from wells, coal 

beds, shale formations, etc.) rose 15.5 percent—from 24.6 

million MMcf in 2007 to 28.5 million MMcf in 2011. Chart 2 

highlights the increasingly substantial role shale gas plays 

in the domestic natural gas market. 

In addition, EIA notes the expanded role shale gas is 

expected to have in the future. Annual Energy Outlook 

2013 projects that U.S. natural gas production will rise 

an estimated 44 percent over the next 30 years, with 

much of this increase in production expected to come 

from shale gas extraction.9

 Shale gas is projected to 

grow from 7.8 million MMcf extracted in 2011, to 16.7 

million MMcf in 2040. Chart 3, derived from Annual 

Energy Outlook, 2013, illustrates the important role shale 

gas is expected to take.10

Between 2007 and 2011, U.S. shale gas production made 

significant strides, compared with other gas extraction 

methods. In the future, shale gas production is expected 

to increase, while every other extraction method likely 

will remain steady or decline. Increased availability of 

affordable natural gas also may have an influence on the 

broader energy market. For example, natural gas has cut 

into coal’s long-standing dominance as an input to electric 

power generation. Eventually, affordable, compressed 

natural gas could compete on a wider scale with diesel fuel 

to power commercial and mass transit vehicles.

With the potential combination of low prices and highproduction levels, natural gas has a promising future in 

the domestic energy market. Utilizing existing natural 

gas extraction technologies—specifically, horizontal 

hydraulic fracturing—should provide the United States 

with abundant natural gas supplies that likely will 

continue for decades.

Price trends: Producer inflation 

mixed in first quarter 2013

Following a 0.8-percent decrease in the fourth quarter 

of 2012, the PPI for finished goods advanced 0.3 percent 

in the first quarter of 2013.11 Accounting for roughly 75 

percent of this upturn, price declines for finished energy 

goods slowed to 0.9 percent from December to March, 

after dropping 4.5 percent in the previous 3-month 

period. The index for finished goods less foods and energy

increased 0.5 percent, after moving up 0.2 percent in the 

Chart 2

Source: Energy Information Administration.
U.S. BUREAU OF LABOR STATISTICS | MAY 2013 4 www.bls.gov

BEYOND THENUMBERS PRICES AND SPENDING

0

5

10

15

20

25

30

35

2007 2012 2017 2022 2027 2032 2037

Million MMcf

Note: Data for 2012–2040 are projections.

Source: Energy Information Administration. 

U.S. natural gas production, 2007–2040 

Shale gas

Tight gas

Alaska

Non-associated offshore

Coal bed methane

Associated with oil

Non-associated onshore

preceding quarter, while prices for finished consumer 

foods moved up at essentially the same rate, 1.0 percent, 

compared with 0.9 percent. (See chart 4.)12 At the earlier 

stages of processing, prices received by producers of 

intermediate materials, supplies, and components also 

moved up 0.3 percent in the first quarter subsequent 

to a 0.8-percent decrease in the fourth quarter of 2012. 

Leading this reversal, the index for intermediate goods less 

foods and energy climbed at a faster rate than it had from 

September to December, while prices for intermediate 

energy goods fell at a much slower rate from December 

to March, compared with the prior quarter. However, the 

index for intermediate foods and feeds declined at a faster 

rate in the first quarter. In contrast to prices for more highly 

processed finished and intermediate goods, the index 

for crude materials for further processing fell 2.1 percent 

in the first quarter of 2013, following a 1.9-percent rise 

in the fourth quarter of 2012. This downturn was broad 

based, with prices for crude energy goods (in particular, 

natural gas and coal), crude foodstuffs and feedstuffs, and 

crude nonfood materials less energy decreasing following 

advances in the previous quarter.

Economic background

Following a 9.2-percent drop in the final quarter of 

2012, crude petroleum prices inched down 1.3 percent 

in the first quarter of 2013. From mid-December to midFebruary, in anticipation of stronger demand, futures 

prices for Cushing, OK, light sweet crude oil jumped 

13.0 percent.13 However, over the first quarter of 2013, 

supply and production remained abundant. Crude oil 

stocks remained well above their 5-year averages, and 

weekly U.S. production of crude oil, at over 7 million 

barrels per day, was more than 20 percent higher than 

a year earlier.14 As a result, by mid-March, spot prices 

for light sweet crude oil had fallen 4.3 percent. For the 

Chart 3

Note: Data for 2012–2040 are projections.

Source: Energy Information Administration.
U.S. BUREAU OF LABOR STATISTICS | MAY 2013 5 www.bls.gov

BEYOND THENUMBERS PRICES AND SPENDING

-0.8

0.9

-4.5

0.3 0.2

1.0

-0.9

0.5

-6.0

-4.0

-2.0

0.0

2.0

Overall Food Energy Core

Percent change Sept 2012 - Dec 2012 Dec 2012 - Mar 2013

Source:U.S. Bureau of Labor Statistics.

Three-month percent change in PPI for overall, food, energy, and core finished goods, seasonally adjusted, 

fourth quarter 2012 and first quarter 2013

PPI, after rising from December through February, the 

crude petroleum index dropped 14.1 percent in March. 

The PPIs for refined petroleum products moved in 

similar fashion from December to March. Leading the 

acceleration in intermediate core prices, the index for 

basic organic chemicals—which is highly responsive to 

crude oil fluctuations—climbed 5.8 percent in the first 

quarter after edging up 0.8 percent in the fourth quarter 

of 2012. 

Leading the downturn in prices for crude goods, the 

natural gas index dropped 9.6 percent in the first quarter 

of 2013, following a 35.2-percent surge in the fourth 

quarter. (After reaching a 10-year low in May 2012, natural 

gas prices rebounded 74.5 percent over the final 7 months 

of 2012.) In 2012, natural gas reserves in underground 

storage remained near the top of their 5-year historical 

range, but colder-than-normal temperatures in January 

and March dropped these levels back to the middle of 

their 5-year range.15 For crude foodstuffs and feedstuffs, 

the downturn was led by steep reversals in prices for 

slaughter hogs and grains. Lower pork exports, combined 

with continued strong pork production, contributed 

to the decline in slaughter hog prices.16 For grains, the 

crop outlook for both corn and wheat were improved, 

compared with last year’s drought-affected harvest.17 In 

terms of basic industrial materials, softening in prices for 

metals, such as nonferrous scrap, iron ores, and gold ores, 

were major factors in the reversal in crude core prices.

Finished goods

For the 3 months ended in March, finished energy goods

prices fell 0.9 percent, subsequent to a 4.5-percent 

decrease from September to December. A major factor 

contributing to this slower rate of decline was gasoline

prices, which moved down 2.2 percent from December 

to March, compared with an 11.2-percent drop in the 

preceding quarter. The indexes for home heating oil and 

kerosene turned up, after falling in the 3 months ended 

in December. In contrast, price advances for residential 

electric power slowed to 0.7 percent in the first quarter of 

2013, compared with a 1.3-percent gain in the previous 

3-month period. The index for residential natural gas also 

rose less from December to March and prices for diesel fuel

fell more than they had from September to December.

The index for finished goods less foods and energy moved 

up 0.5 percent in the first quarter of 2013 following a 

0.2-percent gain from September to December. Leading 

this acceleration, prices for pharmaceutical preparations

Chart 4

Source: U.S. Bureau of Labor Statistics.
U.S. BUREAU OF LABOR STATISTICS | MAY 2013 6 www.bls.gov

BEYOND THENUMBERS PRICES AND SPENDING

-0.8 -0.4

-4.2

0.3 0.3

-1.2 -1.7

1.2

-6.0

-4.0

-2.0

0.0

2.0

Overall Food Energy Core

Percent change Sept 2012 - Dec 2012 Dec 2012 - Mar 2013

Source: U.S. Bureau of Labor Statistics.

Three-month percent change in PPI for overall, food, energy, and core intermediate goods, seasonally 

adjusted, fourth quarter 2012 and first quarter 2013

increased 3.1 percent from December to March, after 

advancing 0.9 percent in the 3 months ended in December. 

Similarly, the index for plastic products also rose at a 

faster rate, compared with the previous 3-month period. 

Prices for civilian aircraft, carpets and rugs, and radio and 

television communication equipment turned up in the 

first quarter of 2013. In contrast, the index for tobacco 

products edged up 0.1 percent in the first quarter of 2013, 

subsequent to a 2.0-percent increase for the 3 months 

ended in December. Prices for light motor trucks turned 

down from December to March, following advances in the 

fourth quarter of 2012.

The index for finished consumer foods rose 1.0 percent 

from December to March, following a 0.9-percent 

increase in the final 3 months of 2012. In the first 

quarter of 2013, higher prices for fresh and dry 

vegetables, soft drinks, raspberries, eggs for fresh use, 

and unprocessed and packaged fish more than offset 

falling prices for meats.

Intermediate goods

The PPI for intermediate materials, supplies, and 

components rose 0.3 percent in the 3 months ended 

March 2013, subsequent to a 0.8-percent decrease from 

September to December 2012. (See chart 5.) Leading this 

upturn, prices for intermediate materials less foods and 

energy increased more than they had in the previous 

quarter. The index for intermediate energy goods

decreased less from December to March than it had in 

the 3 months ending in December. Conversely, prices for 

intermediate foods and feeds fell more in the 3-month 

period ended in March than it had from September to 

December. 

The index for intermediate materials less foods and 

energy advanced 1.2 percent in the first quarter of 2013, 

following a 0.3-percent rise in the previous 3-month 

period. Prices for basic organic chemicals led this 

acceleration, jumping 5.8 percent, after moving up 0.8 

percent a quarter earlier. The indexes for thermoplastic 

resins and materials and for plastic products also 

advanced more in the first quarter than they had for 

the 3 months ended in December. In contrast, prices 

for nonferrous metals turned down 1.6 percent for 

the 3-month period ended in March, compared with a 

1.1-percent increase in the fourth quarter of 2012. The 

indexes for fabricated structural metal products and for 

paper boxes and containers also turned down after rising 

in the preceding quarter.

Chart 5

Source: U.S. Bureau of Labor Statistics.
BEYOND THENUMBERS PRICES AND SPENDING

U.S. BUREAU OF LABOR STATISTICS | MAY 2013 7 www.bls.gov

Prices for intermediate energy goods declined 1.7 percent 

from December to March, subsequent to a 4.2-percent 

drop in the previous 3-month period. The decrease 

in the index for gasoline slowed to 2.2 percent, from 

11.2 percent in the prior quarter. Prices for lubricating 

oil base stocks and jet fuel turned up in the 3 months 

ending in March. Conversely, the index for industrial 

electric power moved down 6.3 percent, compared with 

a 0.7-percent rise in the previous quarter. Prices for diesel 

fuel decreased more in the first quarter, while the index 

for utility natural gas increased less than it had in the 

preceding 3-month period.

In the first quarter of 2013, prices for intermediate foods 

and feeds fell 1.2 percent, after moving down 0.4 percent 

in the 3 months ended December 2012. The index for 

meats dropped 2.3 percent, following a 2.6-percent 

advance in the previous 3-month period. Prices for dairy 

products, formula feeds, and wheat flour also turned 

down, after rising in the fourth quarter 2012. In contrast, 

the index for meat and bone meal increased 22.2 percent 

from December to March, subsequent to a 25.0-percent 

decrease in the previous quarter. Prices for soybean cake 

and meal declined less in the first quarter, while the 

confectionery materials index rose more than in the 3 

months ended in December. 

Crude goods

The PPI for crude materials for further processing fell 2.1 

percent for the 3 months ended in March, after rising 

1.9 percent during the preceding quarter. (See chart 6.) 

Accounting for almost 60 percent of this broad-based 

downturn, prices for crude energy materials fell 4.4 percent 

in the first quarter after climbing 1.7 percent in the fourth 

quarter of 2012. The index for crude foodstuffs and feedstuffs

decreased 0.6 percent from December to March, following a 

3.0-percent increase in the previous 3 months; and prices for 

crude nonfood materials less energy turned down 1.1 percent 

after rising 1.3 percent from September to December.

Most of the reversal in prices for crude energy materials

can be traced to the index for natural gas, which decreased 

9.6 percent, following a 35.2-percent jump in the previous 

quarter. The coal index also turned down, declining 6.0 

percent, after rising 3.3 percent in the fourth quarter 

of 2012. In contrast, price declines for crude petroleum

slowed to 1.3 percent in the first quarter of 2013 from 9.2 

percent in the previous 3-month period.

1.9

3.0

1.7 1.3

-2.1

-0.6

-4.4

-1.1

-6.0

-4.0

-2.0

0.0

2.0

4.0

Overall Food Energy Core

Percent change Sept 2012 - Dec 2012 Dec 2012 - Mar 2013

Source:U.S. Bureau of Labor Statistics.

Three-month percent change in PPI for overall, food, energy, and core crude goods, seasonally adjusted, 

fourth quarter 2012 and first quarter 2013

Chart 6

Source: U.S. Bureau of Labor Statistics.
BEYOND THENUMBERS PRICES AND SPENDING

U.S. BUREAU OF LABOR STATISTICS | MAY 2013 8 www.bls.gov

Leading the downturn in prices for crude foodstuffs 

and feedstuffs, the index for slaughter hogs turned 

down 13.6 percent, following a 30.0-percent jump in 

the fourth quarter. Prices for grains also declined, after 

rising in the previous quarter. The index for slaughter 

chickens advanced less than it had in the 3 months ended 

in December. In contrast, the index for fresh and dry 

vegetables jumped 38.5 percent in the 3-month period 

ending in March, following a 5.8-percent decline in the 

prior quarter. Prices for slaughter steers and heifers and 

for unprocessed finfish also turned up, after falling in the 

fourth quarter of 2012.

Accounting for more than 90 percent of the downturn 

in prices for crude nonfood materials less energy, the 

index for nonferrous scrap fell 7.4 percent, subsequent 

to advancing 6.4 percent in the previous quarter. Prices 

for grains and iron ores also declined, after rising for the 

3 months ended in December. The index for wastepaper

was unchanged, after increasing in the fourth quarter. 

In contrast, the rise in the index for carbon steel scrap

accelerated to 3.4 percent in the first quarter, from 0.1 

percent in the previous quarter. Prices for copper ores

turned up, after decreasing in the previous 3 months.

Trade industries

The PPI for the net output of total trade industries

moved down 0.3 percent in the first quarter of 2013, 

after rising 2.1 percent for the 3 months ended 

December 2012. (Trade indexes measure changes in 

margins received by wholesalers and retailers.) More 

than half of the first-quarter downturn can be traced 

to margins received by the industry for merchant 

wholesalers of durable goods, which fell 2.7 percent in 

the first quarter, following a 2.4-percent advance in the 

fourth quarter of 2012. The margin indexes for gasoline 

stations, discount department stores, and clothing 

stores also decreased, after increasing in the previous 

quarter. In contrast, the margin index for electronic 

shopping and mail-order houses climbed 7.7 percent 

from December to March, after declining 6.0 percent in 

the preceding quarter. Margins received by warehouse 

clubs and super centers also turned up in the first 

quarter of 2013. 

Transportation and warehousing industries

The PPI for the net output of transportation and 

warehousing industries increased 1.7 percent in the 

first quarter of 2013, compared with a 0.6-percent rise 

in the fourth quarter of 2012. Leading this faster rate 

of advance, prices received by the industry for couriers 

and express delivery services jumped 5.0 percent from 

December to March, after moving up at a 1.5-percent 

rate in the preceding quarter. The index for scheduled 

passenger air transportation also rose at a faster rate, 

compared with the fourth quarter. Prices received by 

the U.S. Postal Service climbed 3.6 percent, following 

no change in the previous quarter. The indexes for the 

long-distance general freight trucking industry group and 

local specialized freight trucking of new goods turned 

up in the first quarter. In contrast, prices received by the 

industry for local general freight trucking inched up 0.1 

percent from December to March, following a 2.5-percent 

rise in the fourth quarter. 

Services less trade, transportation, and warehousing

The Producer Price Index for services less trade, 

transportation, and warehousing advanced 0.5 percent in 

the first quarter of 2013, after edging down 0.1 percent 

in the fourth quarter of 2012. About one-third of this 

upturn can be traced to prices received by the industry 

group for accommodation services, which increased 4.1 

percent from December to March, after dropping 5.1 

percent in the fourth quarter. A slower rate of decline 

in the commercial banking index also was a major 

contributor to this reversal. Prices received by offices of 

lawyers rose after no change in the previous quarter, 

while the indexes for management consulting services

and for direct property and casualty insurers turned up 

in the first quarter. In contrast, prices received by the 

portfolio management industry advanced 1.9 percent 

from December to March, following a 6.9-percent jump in 

the preceding quarter. 

The Price Trends section of this BEYOND THE NUMBERS 

article was prepared by Lana Borgie, Brian Hergt, Joseph 

Kowal, and Tony Lombardozzi. Email: ppi-info@bls.gov. 

Telephone: (202) 691-7705. 
BEYOND THENUMBERS PRICES AND SPENDING

U.S. BUREAU OF LABOR STATISTICS | MAY 2013 9 www.bls.gov

Information in this article will be made available to 

sensory-impaired individuals upon request. Voice phone: 

(202) 691-5200. Federal Relay Service: 1 (800) 877-8339. 

This article is in the public domain and may be reproduced 

without permission.

Suggested citation:

PPI Energy and Chemicals Team, “The effects of shale gas

on natural gas prices,” Beyond the Numbers: Prices and

Spending, vol. 2, no. 13 (Bureau of Labor Statistics, May 2013), 

www.bls.gov/volume 2/the-effects-of-shale-gas-onnatural-gas-prices.htm.

Upcoming articles

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Index: 30 years and counting

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Expenditure Survey

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and utilities industries

Visit our online archives to access past publications at

http://www.bls.gov/opub/btn/archive/home.htm.

1. U.S. Natural Gas Gross Withdrawals, U.S. Energy Information Administration (U.S. Department of Energy, March 29, 2013), 

www.eia.gov/dnav/ng/hist/n9010us2m.htm. 

2. U.S. Natural Gas Rotary Rigs, U.S. Energy Information Administration (U.S. Department of Energy, March 29, 2013), www.eia.gov/

dnav/ng/hist/e_ertrrg_xr0_nus_cm.htm. 

3. Natural Gas Explained – Factors Affecting Natural Gas Prices, U.S. Energy Information Administration (U.S. Department of Energy, 

June 29, 2012), www.eia.gov/energyexplained/index.cfm?page=natural_gas_factors_affecting_prices. 

4. Ibid.

5. Natural Gas Futures Contract 1, U.S. Energy Information Administration (U.S. Department of Energy, March 29, 2013), 

www.eia.gov/dnav/ng/hist/rngc1d.htm.

6. Natural Gas Consumption by End Use, U.S. Energy Information Administration (U.S. Department of Energy, 2013), www.eia.gov/

dnav/ng/ng_cons_sum_dcu_nus_a.htm.

7. Today in Energy: Monthly coal- and natural gas-fired generation equal for first time in April 2012 (U.S. Department of Energy, U.S. 

Energy Information Administration, July 6, 2012), www.eia.gov/todayinenergy/archive.cfm?my=Jul2012. For the period 

from January 2007 to December 2010, electric power generation from coal averaged about 46.5 percent of total generation; 

natural gas averaged 22.8 percent and nuclear sources 19.7 percent. The remainder of electric power generation came from 

renewable, petroleum, and other sources.

8. Natural Gas Gross Withdrawals and Production, U.S. Energy Information Administration (U.S. Department of Energy, March 29, 

2013), www.eia.gov/dnav/ng/ng_prod_sum_dcu_NUS_a.htm.

9. AEO2013 Early Release Overview, U.S. Energy Information Administration (U.S. Department of Energy, 2013), www.eia.gov/

forecasts/aeo/er/pdf/0383er(2013).pdf.

10. Energy in Brief: What is shale gas and why is it important? U.S. Energy Information Administration (U.S. Department of Energy, 

December 5, 2012), www.eia.gov/energy_in_brief/article/about_shale_gas.cfm.

11. Price movements for PPIs described in this article include preliminary data for December 2012 through March 2013. All PPI 

data are recalculated 4 months after original publication, to reflect late data received from survey respondents. In addition, 

seasonally adjusted PPIs are recalculated on an annual basis for 5 years, to reflect more recent seasonal patterns.

12. Within the PPI stage-of-processing structure, the indexes for goods other than foods and energy commonly are referred to as 

the core indexes.

Notes
BEYOND THENUMBERS PRICES AND SPENDING

U.S. BUREAU OF LABOR STATISTICS | MAY 2013 10 www.bls.gov

13. This Week in Petroleum, Energy Information Administration (U.S. Department of Energy), updated each Wednesday after 1:00 p.m., 

www.eia.gov/oog/info/twip/twip_crude.html. For detailed data pertaining to futures prices for Cushing, OK, go to

www.eia.gov/dnav/pet/pet_pri_fut_s1_d.htm. For detailed data pertaining to crude oil stocks go to www.eia.gov/dnav/

pet/pet_stoc_wstk_a_EPC0_SAX_mbbl_w.htm. For detailed data pertaining to crude oil production go to www.eia.gov/

dnav/pet/pet_sum_sndw_a_epc0_fpf_mbblpd_w.htm.

14. Ibid.

15. Natural Gas Weekly Update, Energy Information Administration, (U.S. Department of Energy), updated every Thursday by

2:30 p.m., www.eia.gov/naturalgas/weekly/archive/2013/03_21/index.cfm. For the most current report, visit 

http://www.eia.gov/naturalgas/weekly/, and for archived copies, go to http://www.eia.gov/naturalgas/weekly/archive/.

16. Livestock, Dairy, and Poultry Outlook, LDP-M-225, March 14, 2013, U.S. Department of Agriculture, Economic Research Service, 

p. 1, p. 15, www.ers.usda.gov/media/1058622/ldpm225.pdf.

17. See Feed Outlook, April 2013, FDS-13d, April 12, 2013, U. S. Department of Agriculture, Economic Research Service, pp. 1–4, 

http://www.ers.usda.gov/media/1076389/fds13d.pdf. Also, Wheat Outlook, WHS-13d, April 12, 2013, U.S. Department of 

Agriculture, Economic Research Service, pp. 1–4, www.ers.usda.gov/media/1075836/whs-13d.pdf.