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Sunday, August 19, 2012

Gasoline Prices up 30 cents over last 7 weeks

by Calculated Risk on 8/19/2012 06:56:00 PM

Just filled up my car, and I paid $4.11 per gallon. Using the calculator from Professor Hamilton, and the current price of Brent crude oil, the national average should be around $3.68 per gallon. That is about the current level according to (see graph below). In California, where I live, gasoline prices are always higher than the national average. Update: Some of the recent increase in California was due to the refinery fire in Richmond

The following graph shows the recent increase in gasoline prices. Gasoline prices are down from the peak in early April, but up about 30 cents over the last seven weeks. Note: This will push up the headline CPI numbers.

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

Summary for Week Ending Aug 17th
Schedule for Week of Aug 19th