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 rose over the past week. On average, regular is up five cents and premium four cents. WTIC is up 3.6% over same time frame, which is 23.2% off its interim high set on April 29.
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.
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