Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data. Gasoline prices at the pump declined again last week. Rounded to the penny, the average for Regular and Premium both fell four cents, the same as the previous week. We are now approaching the anniversary of the interim weekly lows in the December 19, 2011 EIA report. Regular is 12 cents and Premium 16 cents above their interim lows. That means more money for holiday spending!
As I write this, GasBuddy.com continues to show one state, Hawaii, with the average price of gasoline above $4. The next highest average price is New York, has prices above $3.78.
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 is listed at 85.56, down a whopping 3.37 from last Monday. GASO hit its intraday high at 3.43 on April 3rd. It closed today at 2.60, down 0.13 from last Monday.
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).