Here is my weekly gasoline chart update from Department of Energy data with an overlay of West Texas Crude (WTIC). Gasoline at the pump continued to exhibit price declines over the past week. On average, regular is down two cents and premium three cents. WTIC is down 3.21 (3.7%) over same time frame, which is 25.9% off its interim high set on April 29.
As I write this, GasBuddy.com shows only one state, Hawaii, with the average price of regular above $4.
The price volatility in crude oil and gasoline have been clearly reflected over the past few months 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).