Here is my weekly gasoline chart update from Department of Energy data with an overlay of West Texas Crude (WTIC). Gasoline prices at the pump dropped again over the past week. On average, regular and premium were both down eight cents. WTIC is down 6.2% over same time frame, which is 32.9% off its interim high set on April 29.
As I write this, GasBuddy.com still shows one state, Hawaii, with the average price of regular above $4.
The price volatility in crude oil and gasoline have 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.
Doug Short Ph.d is the author of dshort.com.