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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 dropped three cents, the seventh week of price declines. Regular is up 28 cents and Premium 26 cents from their interim lows during the second week of last November.
According to GasBuddy.com, two states (Hawaii and Alaska) have Regular above $4.00 per gallon, unchanged from last week, and no states are averaging above $3.90, unchanged from week. South Carolina has the cheapest Regular at $3.13.
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 yesterday at 96.60, down from 97.85 this time last week and the lowest since mid-March.
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:
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