Courtesy of Doug Short.
Here is my weekly gasoline chart update from Department of Energy data with an overlay of West Texas Crude (WTIC). Gasoline prices at the pump — both regular and premium — rose four cents over the past week, which follows a 3 cent increase the week before. Regular is now 16.8% off its 2011 interim high set in early May 2011. Premium is down 15.2%. WTIC closed today at 102.83. It is 9.7% off its 2011 interim high, which also dates from early May 2011.
As the first chart below shows, the price of oil has risen significantly since the interim low in early October while gasoline prices had trended downward until the last two weeks. Has the increase in the price of oil begun finding its way to the gasoline pump?
As I write this, GasBuddy.com shows no states with the average price of regular above $4.
The price volatility in crude oil and gasoline have been clearly reflected in recent years in both the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE). For additional perspective on how energy prices are factored into the CPI, see What Inflation Means to You: Inside the Consumer Price Index.
The chart below offers a comparison of the broader aggregate category of energy inflation since 2000, based on categories within Consumer Price Index (commentary here).
