Weekly Gasoline Update: Up Two Cents

gas pricesDoug Short: It’s time again for my weekly gasoline update based on data from the Energy Information Administration(EIA). Rounded to the penny, Regular and Premium are both up by three cents. However, Regular and Premium are down 57 cents and 51 cents, respectively, from their interim highs in late February.

According to GasBuddy.com, No state is averaging above $4.00 per gallon, and only Hawaii is averaging over $3.90. Seven states (Oklahoma, Missouri, Kansas, Arkansas, Texas, New Mexico and Louisiana) are averaging under $3.00.

How far are we from the interim high prices of 2011 and the all-time highs of 2008? Here’s a visual answer.

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The next chart is a weekly chart overlay of West Texas Intermediate Crude, Brent Crude and unleaded gasoline end-of-day spot prices (GASO). WTIC closed today at 93.03, down 2-01 from last Monday and 14.6% off its 2013 high set in early September.

The volatility in crude oil and gasoline prices has been clearly reflected in recent years in both the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE).

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