Gasoline Price Update: Down Another 5 Cents
Doug Short | Jul 29, 2014 02:38AM ET
It's time again for my weekly gasoline update based on data from the GasBuddy.com , two states (Hawaii and Alaska) have Regular above $4.00 per gallon, down from three last week, and three states (California, Oregon, Washington) are averaging above $3.90, unchanged from last week. South Carolina has the cheapest Regular at $3.24.
How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here's a visual answer.
Click for a larger image
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 101.57, down from 102.80 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:
- Gasoline Volume Sales, Demographics and our Changing Culture
- Vehicle Miles Driven as an Economic Indicator
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