It's time again for my weekly gasoline update based on data from the Energy Information Administration (EIA). Rounded to the penny, Regular and Premium both dropped another four cents, matching last week's decline. Regular is up 40 cents and Premium 39 cents from their interim lows during the second week of last November.
According to GasBuddy.com, three states (Hawaii, Alaska, and California) have Regular above $4.00 per gallon, unchanged from last week, and three states (Oregon, Washington and Connecticut) are averaging above $3.90, unchanged from last week. South Carolina has the cheapest Regular at $3.28.
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 102.86, up from 101.05 this time last week.
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).
Here are some additional commentaries related to gasoline prices: