Oklahoma’s gasoline prices have risen steadily to a statewide average of $1.95 while the national average is at $2.22, according to the latest Fuel Gauge Report issued by AAA Oklahoma.
The national gas price average is at its highest level in more than six months – it has remained above $2 per gallon for 40 consecutive days. Today’s average price of $2.22 represents increases of eight cents per gallon on the week and 16 cents per gallon on the month. Ample gasoline supplies and relatively lower crude oil costs are helping to sustain year-over-year savings, with today’s price 39 cents per gallon below where it was a year ago.
Gasoline demand continues to break seasonal records as low prices motivate Americans to drive more. Additionally, crude oil costs are increasing and recently reached new 2016 highs. Increased demand and more expensive oil costs have helped to push gas prices higher in many parts of the country over the past few weeks, and prices may move even higher leading into the busy summer driving season.
“Even with today’s higher statewide average, Oklahomans are paying less at the pump than residents of any other state,” said Chuck Mai, a spokesman for AAA Oklahoma. “In fact, motorists need to know that only four states have a gas price average below $2 today and they’re all in our region: Oklahoma, Texas ($1.983), Missouri ($1.986) and Kansas ($1.995).”
Oil is the largest cost associated with producing gasoline, and every $1 change can increase gas prices by as much as 2.4 cents per gallon. The cost of crude has increased by approximately $10 per barrel since the beginning of April, attributed to interruptions in global supply and the expectation that demand will rise in the coming months.
Idabel has the cheapest gasoline in the state with a $1.90 a gallon average followed by Lawton at $1.91 a gallon. Guymon, Shawnee and Ardmore have averages of $1.92 a gallon. Stillwater is highest with an average of $2.02 a gallon, followed by Bartlesville topping the pumps at $1.97 a gallon.
Oklahoma City’s pump price average – $1.96 – is 14 cents more than the price four weeks ago. Tulsa’s average is at $1.94 a gallon. The statewide average hasn’t been this high since Nov. 16, 2015.
“Crude oil supply is reportedly building in our region and refineries are continuing to return to production following the spring maintenance season,” said Mai. “The refinery utilization rate in the region is increasing, which should help stabilize the price at the pump, barring any unexpected disruptions in supply.”
The lower price environment for gas prices has not only led to drivers taking to the roads at record levels, but is also shifting attitudes about various price points. Attitudes towards gas prices have changed significantly over the past few years, according to a new survey by AAA:
- Half of U.S. drivers now believe gas is “too high” at $2.50 per gallon. This figure has dropped significantly in relationship to the price of gas. As recently as 2014, half of Americans believed gas was “too high” at $3.30 per gallon, while last year half of Americans believed it was “too high” at $3 per gallon. Only nine percent of U.S. stations are selling gas for more than $2.50 per gallon today.
- More than 35 percent of Americans believe that gas is “too high” based on today’s average price, even though gas prices are at the lowest levels since 2009. The vast majority of Americans also do not believe that gas is “cheap” today.
Another gasoline website, Gas Buddy, reports the Oklahoma average is up to $1.95 with prices expected to rise. The cheapest gasoline is being pumped for $1.72 a gallon at the new Sam’s Club location in Moore, Oklahoma. In the Tulsa metropolitan area, the cheapest gasoline is being pumped for a penny more at $1.73 a gallon at three Sam’s Club locations.