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Friday, March 29, 2024

Gasoline Update: Second Week of Price Increases

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, rounded to the penny, rose for the second week after 13 weeks of decline: regular and premium both increased 2 cents. Regular is now up 29 cents and premium 19 cents from their interim weekly lows in the December 19th EIA report.

As I write this, GasBuddy.com still shows only the two non-continental states with the average price of gasoline above $4. Connecticut has the highest mainland prices, averaging around $3.72 a gallon with California as the second highest at $3.70.

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). All three are up over the past week. GASO hit its intraday high at 3.43 on April 3rd. It closed today at 2.85, a 10 cent increase from last week.

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).

 

 

Here are some additional commentaries related to gasoline prices:

 

 

 

 

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