Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data. Gasoline prices at the pump were again relatively unchanged last week. Rounded to the penny, the average for Regular was unchanged and Premium rose a penny. Given the hike in FICA taxes, households should can, for the time being, take solace in the fact the gas prices are steady.
According to GasBuddy.com, Hawaii has the highest gasoline price, averaging $4.03, up six cents from last week. New York is second at $3.71, down a penny from last week. At the other end of the price range, ten states have average prices from $2.79 to $3.00 or less. From lowest to highest they are: Wyoming, Utah, Colorado, Oklahoma, Idaho, New Mexico, Minnesota, South Dakota, Missouri and Montana.
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 94.16, up 8.40 over the past five weeks. GASO closed today at 2.75, down 0.03 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).