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Weekly Gasoline Update: Prices Fall Further

ByDoug Short
Published 07/02/2013, 01:59 AM
Updated 07/09/2023, 06:31 AM

It's time again for my weekly gasoline update based on data from the Energy Information Administration (EIA). Rounded to the penny, the average for Regular was down eight cents and Premium seven cents. Since their interim high in late February, Regular is down 29 cents and Premium 27 cents.

According to GasBuddy.com, only Hawaii is averaging above $4.00 per gallon, down from three states last week. Two states (California and Alaska) are in the 3.90-4.00 range.

How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here's a visual answer:
gasoline-since
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 97.99, up 3.08 from last Monday.
WTIC-BRENT-GASO
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.
CPI-headline-core-since 2000
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).
inflation-since-2000
Here are some additional commentaries related to gasoline prices:

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