Here’s a chart based on the weekly gasoline
update from the Department of Energy with an overlay of Light Crude. Gasoline prices at the pump are up five cents from last week — the highest price since August 2008. Year-to-date, the average price for regular has risen 79 cents.
As I write this, GasBuddy.com shows six states (and DC) with the average price of regular above $4: Alaska, California, Connecticut, Hawaii, Illinois, and New York.
However, West Texas Light Crude closed the day down 2.04% and is 4.65% below its interim closing high on April 8. It will be interesting to see if oil prices will continue to fall with subsequent relief at the gas pump.
The price increases in crude oil and gasoline were reflected in the latest Consumer Price Index data for February and more recently in Personal Consumption Expenditures. For additional perspective on how energy prices are factored into the Consumer Price Index, 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).