by Bill McBride on 9/30/2012 09:18:00 AM
Sunday, September 30, 2012
Another update: Gasoline prices declined recently, and are down about 8 cents nationally over the last 2 weeks. Brent crude spot prices increased to $117.48 per barrel two weeks ago, and then declined sharply to $108.49. However Brent has increased over the last few days to $113 per barrel.
We are still paying over $4 per gallon in California (I filled up on Friday and paid $4.15 per gallon.
Using the calculator from Professor Hamilton, and the current price of Brent crude oil, the national average should be around $3.67 per gallon. That is about 10 cents below the current level according to Gasbuddy.com (see graph below).
The following graph shows the recent decrease in gasoline prices. Gasoline prices have been on a roller coaster all year.
Note: If you click on "show crude oil prices", the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.
|Orange County Historical Gas Price Charts Provided by GasBuddy.com|
• Summary for Week Ending Sept 28th
• Schedule for Week of Sept 30th