From Jill Mislinski: The price of Regular was up one penny and Premium was unchanged from last week. According to GasBuddy.com, Hawaii has the highest average price for Regular at $3.71 and San Francisco, CA is the most expensive city, averaging $3.75.
Mississippi has the cheapest at $2.55. The WTIC end of day spot price closed at 69.01, a 1.6% increase from this time last week.
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 end of day spot price closed at 69.01, a 1.6% increase from 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:
- Weekly Heating Oil Update
- Gasoline Volume Sales, Demographics, and our Changing Culture
- Vehicle Miles Driven as an Economic Indicator
The United States Oil Fund LP ETF (USO) was unchanged in premarket trading Wednesday. Year-to-date, USO has gained 19.57%, versus a 7.44% rise in the benchmark S&P 500 index during the same period.
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