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 and Premium both fell a nickel over the past week. Regular and Premium are 29 cents and 27 cents, respectively, off their interim highs in late February.
According to GasBuddy.com, Hawaii is the only state averaging above $4.00 per gallon, down from two states last week. Two states, Alaska, and California, are reporting average prices in the 3.90-4.00 range -- California as an addition to this category, having dropped from the $4-plus category last week.
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 103.39, down 02.75 from last Monday. That's 30.3% 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).