May 2, 2011
Here’s a chart based on the weekly gasoline price update from the Department of Energy with an overlay of Light Crude. Gasoline prices at the pump are up 8 cents from last week — the highest price since July 2008. Year-to-date, the average price for regular has risen 91 cents.
As I write this, GasBuddy.com shows 13 states (and DC) with the average price of regular above $4 (Washington, Rhode Island, Wisconsin, Ohio, New York, West Virginia, Alaska, Michigan, Indiana, California, Connecticut, Illinois, and Hawaii).
West Texas Light Crude closed the day at 113.42, fractionally below its interim closing high set on Friday.
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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).