A quick look at motor gasoline prices, trying to assess whether the cumulative impact of the price trajectory has been more severe than in 2008. This appears likely, though it will be a long grind down. Using the monthly price series for all grades of gasoline from the EIA, and looking at the 12 month moving average (MA). It surpassed the 12 month MA peak from 2008 10 months ago and has stayed there since.
2 comments:
I agree that PCE is a better metric to look at, but the stock market is still a sexy thing. I just deleted my energy section at my blog, so I'll have to visit here more often (when I'm not running in circles).
DH
12 month moving average higher. See that, but question the value of the comparison. 2008 was a shock because it was so sharp. Appreciate your works, EE.
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