It's time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). The price of Regular and Premium dropped six and five cents respectively for the third week in a row - while WTIC dropped 0.21. According to GasBuddy.com, California has the highest average price for Regular at $3.58 with Los Angeles averaging $3.79. South Carolina has the cheapest at $2.18.
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).
WTIC closed today at 44.96 a barrel, down 0.21 from last week and at its lowest price since its 42.43 interim closing low on March 17th.
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).
Here are some additional commentaries related to gasoline prices: