Gasoline Prices Cheat Sheet: Another Penny Here, Another Penny There
Here is my weekly gasoline chart update from Department of Energy data with an overlay of West Texas Crude (WTIC). Gasoline (NYSE:UGA) prices at the pump rose over the past week, the first increase in six weeks. On average, regular and premium were both up six cents. WTIC is up a fractional 0.7% over same time frame, which is 34.2% off its interim high set on April 29.
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.
Doug Short Ph.d is the author of dshort.com.