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 declined fractionally over the past week. On average, regular and premium were down a penny. However, WTIC has risen in price for the fourth consecutive week.
As I write this, GasBuddy.com still shows two states, Alaska and 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.
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).
Doug Short Ph.d is the author of dshort.com.