Gasoline Prices Down for 11th Straight Week

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Gas prices were down for an eleventh straight week, the longest streak since the summer of 2022. As of December 4, the price of regular and premium gas fell by 1 cent and 2 cents from the previous week, respectively. According to GasBuddy.com, California has the highest average price for regular at $4.76 and Oklahoma has the cheapest at $2.62.

Currently, the national average price for a gallon of regular gasoline stands at $3.23, with premium gasoline averaging $4.14 per gallon. One year ago, regular gas was priced at $3.39 per gallon, while premium gas was at $4.23 per gallon.

The next chart is a monthly chart overlay of West Texas light crude, Brent crude, and unleaded gasoline end-of-day spot prices.

In this year-to-date chart, the WTIC end-of-day spot price for crude oil closed at $73.04, down 2.4% from last week.

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Inflation-Adjusted Reality

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 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 the CPI (commentary here).

In this next chart, we take a look at the same gasoline prices shown in the first chart but adjust for inflation using the CPI.

For an easier way to visualize the effects of inflation, this next chart overlays the nominal price with the real price for each type of gasoline (regular and premium).