01/17/2014
A Look at the Pump
Today we’ll take a look back at gasoline prices at the pump since 1991, regular grade, as gleaned from the databases of the Energy Information Administration, eia.doe.gov.
IF...Iran and the West are able to go forward with a true accord on that country’s nuclear program, oil could drop substantially this year and with it the price of gas.
Gasoline price, regular
12/30/91…1.05
12/28/92…1.06
12/27/93…0.99
12/26/94…1.07
12/25/95…1.08
12/30/96…1.22
12/29/97…1.11
12/28/98…0.93
12/27/99…1.27
12/25/00…1.41
12/31/01…1.09
12/30/02…1.44
12/29/03…1.47
12/27/04…1.79
12/26/05…2.19
12/26/06…2.34
12/31/07…3.05
12/29/08…1.61*
12/28/09…2.60
12/27/10…3.05
12/26/11…3.25
12/31/12…3.30…record average for the year, $3.62… peak $3.94 in April
12/30/13....3.33....average for year, $3.50...peak $3.78 in February
*2008 was the year oil, as measured by West Texas Intermediate, WTI, peaked the first two weeks of July, 7/1/08-7/14/08, specifically, with WTI trading above $140; with a high of $147 intraday, $145 on a closing basis.
Coincidentally, the price of regular gas at the pump peaked at $4.11 on 7/7/08 and 7/14/08.
Oil then cratered as the financial crisis hit home…with WTI going all the way from $145 to $30.28 on 12/23/08…staggering. The price of regular at the pump hit a low of $1.61 on 12/29/08, as noted above, and this proved to be the exact cycle low as well.
Wall Street History will return in two weeks.
Brian Trumbore
