It's time again for my weekly gasoline update based on data from the Energy Information Administration (EIA). Rounded to the penny, Regular and Premium both dropped four cents, and Premium is now fractionally below $4 for after 12 weeks above that benchmark. Regular is up 44 cents and Premium 43 cents from their interim lows during the second week of last November.
According to GasBuddy.com, three states (Hawaii, Alaska, and California) have Regular above $4.00 per gallon, down from four states last week, and three states (Washington, Oregon and Connecticut) are averaging above $3.90. South Carolina has the cheapest Regular at $3.31.
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 101.05, down from 103.41 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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