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Weekly Gasoline Update: Prices Stablize

ByDoug Short
Published 01/23/2012, 11:30 PM
Updated 07/09/2023, 06:31 AM
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Here is my weekly gasoline chart update from Department of Energy data with an overlay of West Texas Crude (WTIC). Gasoline prices at the pump -- both regular and premium -- were essentially unchanged over the past week, after four consecutive weeks of price increases. Regular remains about 14.5% off its 2011 interim high set in early May 2011. Premium is down 12.8%. WTIC closed today at 99.58. It is 12.6% off its 2011 interim high, which also dates from early May 2011.

As the first chart below shows, the price of oil has risen significantly since the interim low in early October while gasoline prices had trended downward until the last five weeks. The increase in the price of oil has begun finding its way to the gasoline pump, although the evidence of the past few days suggests some stabilization in pricing.

As I write this, GasBuddy.com shows one state, Hawaii, with the average price of regular above $4.
Chart -1
The next chart is an overlay of WTIC, Brent Crude and unleaded gasoline (GASO). Over the past year saw an increasing disconnect between WTIC and Brent Crude, but over the last quarter that spread has shrunk considerably. This will be interesting to watch over the months ahead.
Chart -2
The price volatility in crude oil and gasoline have 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.
Chart -3
The chart below offers a comparison of the broader aggregate category of energy inflation since 2000, based on categories within Consumer Price Index.
Chart -4

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