It's time again for my weekly gasoline update based on data from the Energy Information Administration (EIA). Rounded to the penny, Regular is up two cents and Premium is up one cent. Prices have been hovering in a narrow range for the past six weeks. Regular is up 50 cents and Premium 47 cents from their interim lows during the second week of November.
According to GasBuddy.com, California and Hawaii remain the only states with Regular above $4.00 per gallon, and four states (Alaska , Illinois, Ohio and Connecticut) are averaging above $3.90, up from two states last week. Arkansas has the cheapest Regular at $3.39.
How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here's a visual answer.
The next chart is a weekly chart overlay of West Texas Intermediate Crude, Brent Crude and unleaded gasoline end-of-day spot prices (GASO). WTIC closed today at 102.47, down from 104.16 this time 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).
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