Weekly Gasoline Price Update: Up Another Three Cents
May 27, 2015
by Doug Short
It's time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). Rounded to the penny, the price of Regular and premium both rose three cents. This is the sixth week of price increases after six weeks of little change. According to GasBuddy.com, California has the highest average price for Regular at $3.75, and its averaging $3.93 in Los Angeles. South Carolina has the cheapest at $2.42.
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).
WTIC closed today at 58.03 a barrel, well off its 42.43 interim closing low on March 17th, but now hovering in a relatively narrow range.
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: