Weekly Gasoline Price Update: Regular Drops Six Cents
It's time again for my weekly gasoline update based on data from the Energy Information Administration (EIA). Rounded to the penny, Regular is six cents cheaper than this time last week and Premium is down four cents. Regular is up 11 cents and Premium 12 cents from their interim lows during the second week of last November.
According to GasBuddy.com, only one state (Hawaii) has Regular above $4.00 per gallon. The highest continental average price is in California at 3.67. South Carolina has the cheapest Regular at $2.999 (at three decimals, now below $3).
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 90.46, a big drop from 94.32 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).
Disclosure: None
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