It's time again for my weekly gasoline update based on data from the Energy Information Administration (EIA). Rounded to the penny, Regular dropped two cents and Premium by one cent. Regular and Premium are down 51 cents and 45 cents, respectively, from their interim highs in late February.
According to GasBuddy.com, no state is averaging above $4.00 per gallon, and only Hawaii is averaging over $3.90. Three states (Oklahoma, Missouri and Kansas) are averaging under $3.00, up from two states last Monday.
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 Monday at 93.95, down 23 cents from last Monday and 13.7% off its 2013 high set in early September.
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).