Weekly Gasoline Price Update: WTIC Up 3.3%

The price of Regular and Premium are up four and three cents each, respectively, from last week. According to GasBuddy.com, California has the highest average price for Regular at $3.72 and Mississippi has the cheapest at $2.39. The WTIC end of day spot price closed at 59.58, up 3.3% from this time last week and a 23% increase since the beginning of the year.

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 59.58, a 3.3% increase from this time last week and a 23% increase since the beginning of the year.

 

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.

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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