by Calculated Risk on 5/26/2013 03:59:00 PM
Sunday, May 26, 2013
According to Gasbuddy.com (see graph at bottom), gasoline prices are down slightly over the last few days to a national average of $3.66 per gallon. One year ago for the week of Memorial Day, prices were at $3.67 per gallon, and for the same week two years ago prices were $3.85 per gallon.
|Memorial Day||Weekly Average|
According to Bloomberg, WTI oil is at $94.15 per barrel, and Brent is at $102.64 per barrel. Last year on Memorial Day, Brent was at $107.86 per barrel, and two years ago Brent was at $114.85.
Using the calculator from Professor Hamilton, and the current price of Brent crude oil, the national average should be around $3.40 per gallon. That is about 26 cents below the current level according to Gasbuddy.com, however I think there is a seasonal factor that isn't included in the calculator.
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|