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Weekly Gasoline Update: Down 3 Cents

ByDoug Short
Published 12/16/2013, 02:27 PM
Updated 07/09/2023, 06:31 AM
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It's time again for my weekly gasoline update based on data from the Energy Information Administration (EIA). Rounded to the penny, Regular and Premium both fell three cents. Regular and Premium are down 55 cents and 48 cents, respectively, from their interim highs in late February.

Cheaper gasoline means more money for holiday spending, and tomorrow's headline Consumer Price Index will no doubt reflect the trend lower.

According to GasBuddy.com, no state is averaging above $4.00 per gallon, and only Hawaii is averaging over $3.80. Eight states (Oklahoma, Missouri, Minnesota, Arkansas, Kansas, Nebraska, New Mexico and Montana) are averaging under $3.00, up from five states last Monday.

How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here's a visual answer.
Gasoline since 2000
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 97.34, up 0.14 from last Monday but 10.6% off its 2013 high set in early September.
WTIC
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 Consumer Price Index (commentary here).
Inflation since 2000
Here are some additional commentaries related to gasoline prices:

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