Courtesy of Doug Short.
Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data with an overlay of West Texas Crude (WTIC). Gasoline prices at the pump, both regular and premium, increased another 5 cents over the past week, continuing their steady increase since mid-December. Regular is up 69 cents and premium 66 cents from the interim weekly low in the December 19th EIA report. The WTIC end-of-day spot price is 6% off its interim high set on April 29th of last year.
As I write this, GasBuddy.com shows nine states plus DC with the average price of gasoline above $4 and another six states with the price above $3.90.
The next chart is an overlay of WTIC, Brent Crude and unleaded gasoline (GASO). During much of last year there was a growing spread between WTIC and Brent Crude, but over the last quarter that spread has shrunk considerably. Oil prices appear to be consolidating at a resistance level since February 24th, but gasoline is inching higher.
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).
