As of March 7, the price of Regular and Premium were up about 50 cents each from the previous week and are at their highest since the series began recording in 1993. According to GasBuddy.com, California has the highest average price for Regular at $5.40 and Oklahoma has the cheapest at $3.69. The WTIC end-of-day spot price closed at 119.40 and is up 24.7% from last week.
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The next chart is a monthly chart overlay of West Texas Light Crude, Brent Crude, and unleaded gasoline end-of-day spot prices (GASO).
In this monthly chart, the WTIC end-of-day spot price closed at 119.40, up 24.7% 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.
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The chart below offers a comparison of the broader aggregate category of energy inflation since 2000, based on categories within the Consumer Price Index (commentary here).
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