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Weekly Gasoline Prices: WTIC Back Up 8.4%

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DiscoverGold Member Level  Tuesday, 07/27/21 02:45:40 PM
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Weekly Gasoline Prices: WTIC Back Up 8.4%
By: Jill Mislinski | July 27, 2021

As of July 26, the price of Regular and Premium was up two and one cent, respectively, from the previous week. According to GasBuddy.com, California has the highest average price for Regular at $4.31 and Mississippi has the cheapest at $2.75. The WTIC end-of-day spot price closed at 71.91, up 8.4% from last week and up 51% from the beginning of the year.

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



The next chart is a monthly chart overlay of West Texas Light Crude, Brent Crude, and unleaded gasoline end-of-day spot prices (GASO) through July 26.



In this monthly chart, the WTIC end-of-day spot price closed at 71.91, up 8.4% from last week and up 51% from the beginning of the year.



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.



The chart below offers a comparison of the broader aggregate category of energy inflation since 2000, based on categories within the Consumer Price Index (commentary here).



Read Full Story »»»

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