Courtesy of Doug Short
Here’s a chart based on the weekly gasoline price update from the Department of Energy with an overlay of Light Crude, which closed today at 97.90. Gasoline prices at the pump continue to rise. Regular is up 6.08% and premium 5.60% since last week’s update. Essentially, this week regular gas costs approximately what premium cost one week ago.
As I type this, West Texas Light Crude futures are trading at 96.97 and Brent Crude futures at 111.86. The faster acceleration of the latter is primarily a result of the greater potential impact on Europe of the crisis in Libya.
The price increases in crude oil and gasoline were reflected in the latest Consumer Price Index data for January. For additional perspective on how energy prices are factored into the Consumer Price Index, see What Inflation Means to You: Inside the Consumer Price Index.
