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Gasoline and Oil Prices Down from this Time last Year

Gasoline and Oil Prices Down from this Time last Year

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.

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.

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