Gasoline Price Update: Oil is Down? We’ll Lower Prices at Some Point

Here’s a chart based on the weekly gasoline price (NYSE:UGA) update from the Department of Energy with an overlay of West Texas Crude (WTIC). Gasoline prices at the pump are virtually unchanged from last week: regular is fractionally lower, premium fractionally higher. Year-to-date, the average price for regular has risen 91 cents. Meanwhile, WTIC has declined further from its interim high of 113.94 on April 29th.

As I write this, GasBuddy.com shows 12 states (and DC) with the average price of regular above $4. That’s the same as last week.

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The price increases in crude oil (NYSE:USO) and gasoline were reflected in the latest Consumer Price Index data for February and more recently in Personal Consumption Expenditures. For additional perspective on how energy prices are factored into the Consumer Price Index, 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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Doug Short PhD is the founder of dshort.com.

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