Weekly Gasoline Price Update: WTIC Highest Since November 2014

It’s time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). The price of Regular and Premium are unchanged from last week. According to GasBuddy.com, Hawaii has the highest average price for Regular at $3.73 and Santa Francisco, CA is the most expensive city, averaging $3.81. Mississippi has the cheapest at $2.55. The WTIC end of day spot price closed at 75.30, a 4.5% increase from this time last week and its highest since November 2014.

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

Weekly Gas Prices Since 2000

The next chart is a monthly chart overlay of West Texas Light Crude, Brent Crude, and unleaded gasoline end-of-day spot prices (GASO).

WTIC BRENT GASO

In this monthly chart, WTIC end of day spot price closed at 75.30, a 4.5% increase from this time last week and its highest since November 2014.

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). For additional perspective on how energy prices are factored into the CPI, see What Inflation Means to You: Inside the Consumer Price Index.

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).

CPI Components

 

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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