It's time again for my weekly gasoline update based on data from the Energy Information Administration (EIA). Rounded to the penny, the average for Regular dropped four cents and Premium three. Regular and Premium are now 14 cents and 12 cents, respectively, off their interim highs in late February.
According to GasBuddy.com, Hawaii and Alaska are averaging above $4.00 per gallon, down from four states last week. Four states (Connecticut, California, Washington and New York) are in the 3.90-4.00 range.
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 yesterday at 104.55, down 2.45 from last Monday. That's 31.8% above its interim low in June of last year.
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).
Here are some additional commentaries related to gasoline prices: