Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data. Prices rose again over the past week. Rounded to the penny, the average for Regular and Premium are both up four cents ... less painful than the previous week's 14-cent rise. Regular is up 16.3% and Premium 14.4% since their interim lows in mid-December. As I've repeatedly pointed out, with the expiration of the 2% FICA tax holiday, the relentles rise in gasoline prices is particularly painful to the average household.
According to GasBuddy.com, two states, Hawaii and California and the nation's capital are averaging above $4.00 per gallon. Three states (New York, Connecticut, Illinois and Alaska) are averaging above $3.90.
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 closed Monday at 92.18, down 4.02 since Friday the 15th. How long before the falling price of oil is visible at the pump?
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).