Gasoline Prices Spike in Oklahoma and US Following New Sanctions on Iran

Gasoline prices in Oklahoma and across the nation jumped several cents a gallon, largely due to the President’s decision to pull out of the Iran nuclear arms deal and re-impose sanctions on the country.

Oklahoma’s prices jumped from an average $2.54 last week to $2.61 this week. Nationally, the average rose six cents to reach an average of $2.88 a gallon. Oklahoma was one of 36 states where gas prices rose 5 cents or more a gallon.

“The Administration’s move combined with the switchover to summer blend, growing global demand and shrinking supply continues to fuel pump prices as we approach the summer driving season,” said Jeanette Casselano, AAA spokesperson. “AAA predicts that the national average may reach $3/gallon this summer, especially if crude oil prices continue to increase.”

Motorists are seeing 19 percent of gas stations selling gas for $3.01 or more. Today’s gas price is 16-cents more expensive than one month ago and 53-cents more than one year ago.

In Oklahoma, the highest prices are in the west and northwest part of the state. Ellis county has the highest average at $2.83 per gallon while prices in Harmon and Coal counties average $2.80.  The average in Woods county is at $2.79 per gallon.

Prices in Oklahoma City average $2.60, up 8 cents in the past week. Tulsa’s average is $2.62, a dime more than last week. Lawton still has the lowest average at $2.48 a gallon, a six cent jump.

Averages in neighboring states include $2.59 in Arkansas; $2.67 in Missouri; $2.64 in Kansas; $2.67 in Texas and $2.85 in New Mexico.