Wednesday, March 6, 2013
Fuel Cost as Percentage of Gross Domestic Product (GDP) Update
(1) Coal price data for 2012 is not yet available from EIA; it is assumed the same in 2012 as in 2011
(2) The oil price for 2011 and 2012 is the Brent price, not the West Texas Intermediate price. The cost of these two benchmark crudes, virtually identical from the 80s through 2010, diverged in 2011, with Brent consistently higher. Brent essentially represents the cost paid by most U.S. refiners; the price trend of gasoline, for example, closely tracks the price of Brent.