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, rounded to the penny, declined another four cents. This is the third week of decline but slightly smaller than last week’s 5 cent drop. Regular is up 60 cents and premium 59 cents from their interim weekly lows in the December 19th EIA report.
As I write this, GasBuddy.com still shows eight states plus DC with the average price of gasoline above $4 (unchanged from the last two weeks) and another 3 states with the price above $3.90 (down from 6 last week). California has the highest mainland prices, averaging around $4.14 a gallon.
How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here’s the answer.
The next chart is an overlay of WTIC, Brent Crude and unleaded gasoline end-of-day spot prices (GASO). GASO hit its intraday high at 3.43 on April 3rd. It closed today at 3.12, a decline of 9.0%.
The volatility in crude oil and gasoline prices has 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).
