As of January 11, the price of Regular and Premium were up seven and six cents each, respectively, from the previous week. According to GasBuddy.com, California has the highest average price for Regular at $3.31 and Louisiana has the cheapest at $1.99. The WTIC end of day spot price closed at 52.25, up 9.7% from the last week and its highest since February 2020.
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 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 52.25, up 9.7% from last week and its highest since February 2020.
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 the Consumer Price Index (commentary here).
Here are some additional commentaries related to gasoline prices:
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