Weekly Gasoline Price Update: WTIC Down Again - Wednesday, Jan. 2

It's time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). The price of Regular and Premium are down six and five cents each, respectively, from last week. According to GasBuddy.com, California has the highest average price for Regular at $3.32 and Missouri has the cheapest at $1.84. The WTIC end of day spot price closed at 45.41, a 1.8% decrease from this time last week and down 25% for 2018.

How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here's a visual answer.

Weekly Gas Prices Since 2000

The next chart is a monthly chart overlay of West Texas Light Crude, Brent Crude, and unleaded gasoline end-of-day spot prices (GASO).

WTIC BRENT GASO

In this monthly chart, WTIC end of day spot price closed at 45.41, a 1.8% decrease from this time last week and down 25% for 2018.

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).

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).

CPI Components

 

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