Courtesy of Doug Short.
Here is my weekly gasoline chart update from the Energy Information Administration (EIA) data with an overlay of West Texas Crude (WTIC). Gasoline prices at the pump, both regular and premium, rounded to the penny, declined two cents. The first real decline since mid-December. Regular is up 69 cents and premium 68 cents from their interim weekly lows in the December 19th EIA report.
As I write this, GasBuddy.com shows eight states plus DC with the average price of gasoline above $4 (unchanged from last week) and another 12 states with the price above $3.90 (down from 13 last week). Hawaii, not surprisingly, has to highest prices, averaging around $4.63 a gallon, up two cents from last week.
How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here's the answer.
The next chart is an overlay of WTIC, Brent Crude and unleaded gasoline (GASO). Brent Crude as been consolidating at a resistance level since late February, and the WTIC end-of-day spot price is 6.0% off its 2012 high set on February 24th. Gasoline now also appears to be retreating fractionally.
The price volatility in crude oil and gasoline have 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).
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