Weekly Gasoline Price Update: Regular and Premium Up Two Cents
Little movement this week. Saudi Arabia remains committed to selling below market forces.
It’s time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). The price of Regular and Premium gained about two cents each. WTIC ended today at $48.37, up $2.23 from the previous week. According to GasBuddy.com, Hawaii has the highest average price for Regular at $2.87 and Los Angeles,CA is averaging $2.94. South Carolina has the cheapest at $1.93.
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 monthly chart overlay of West Texas Light Crude, Brent Crude and unleaded gasoline end-of-day spot prices (GASO).
In this monthly chart, WTIC closed today at 48.37 a barrel.
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).
Submitted by Jill Mislinski