Note from dshort: The cheapest regular gas in my area this morning is at 2.99 a gallon just Myrtle Beach. That’s up two cents from the week before, and my GasBuddy.com applet tells me the local prices are rising.
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 — both regular and premium — dropped two cents over the past week after dropping 13 cents over the previous two weeks. WTIC closed yesterday above 100. It is 32% above its interim low set in early October.
As I write this, GasBuddy.com shows only 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.
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.