May 9, 2011
Here’s a chart based on the weekly gasoline price update from the Department of Energy with an overlay of West Texas Crude (WTIC). Gasoline prices at the pump are virtually unchanged from last week. Year-to-date, the average price for regular has risen 91 cents. Meanwhile, WTIC dropped 14.6% in an accelerating selloff last week from an interim high of 113.94 on April 29th. Today WTIC rose nearly 6%, erasing a third of last week’s decline.
As I write this, GasBuddy.com shows 12 states (and DC) with the average price of regular above $4. That’s one state fewer than this time last week.
The short-term gasoline outlook is further complicated by a rise in gas futures triggered in part by the flooding in the Mississippi on top of a series of refinery outages in recent weeks (more here).
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).
View the original article on dhsort.com
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