Weekly Gasoline Price Update: Down Another Nickel

November 10, 2014

by Doug Short

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 both dropped another five cents. Regular is now at its lowest price since November 2010. Will the price decline in gasoline boost discretionary spending as we approach the holiday season? We'll get some clues on Friday with the Census Bureau's the first estimate of October Retail Sales.

According to GasBuddy.com, even Hawaii has an average cost under $4.00 per gallon. The highest continental average price is in New York at $3.28. South Carolina has the cheapest Regular at $2.66.

How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here's a visual answer.

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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 77.40, down from 0.79 over the past five sessions.

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.

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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).

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Here are some additional commentaries related to gasoline prices:

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