Courtesy of Doug Short
Here’s a chart based on the weekly gasoline price update from the Department of Energy with an overlay of West Texas Crude (WTIC). Gasoline at the pump declined significantly: regular is down 2.8%, and premium 2.5%. Year-to-date, the average price for regular has risen 80 cents, down eleven cents from the interim high last week. Meanwhile, WTIC has declined further 13.5% from its interim high of 113.94 on April 29th.
As I write this, GasBuddy.com shows 6 states (and DC) with the average price of regular above $4. That’s half the number from last week.
The price increases in crude oil and gasoline were reflected in the latest Consumer Price Index data for February and more recently in Personal Consumption Expenditures. 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.
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).
