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 are unchanged. Regular and Premium are down 49 cents and 43 cents, respectively, from their interim highs in late February of last year.
According to GasBuddy.com, Hawaii is averaging a fraction of a cent below $4.00 per gallon. The next highest state average is Connecticut at $3.63. One state (Montana) is averaging under $3.00, unchanged from 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.
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 95.63, up 0.40 from the previous 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).
