Here is my weekly gasoline chart update from Department of Energy data with an overlay of West Texas Crude (WTIC). Gasoline (NYSE:UGA) at the pump declined for the fifth consecutive week. Year-to-date, the average price-per-gallon for is up 60 cents and premium 61 cents, off 31 and 30 cents, respectively, from their interim highs of last month. Meanwhile, WTIC is 17.8% off its interim high of 113.94 on April 29th.
As I write this, GasBuddy.com shows only two states (Alaska and Hawaii) with the average price of regular at or above $4. That’s the same number as last week.
The price volatility in crude oil (NYSE:USO) and gasoline have been clearly reflected over the past few months in both the Consumer Price Index and Personal Consumption Expenditures. 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 Phd. is the author of dshort.com.