Gasoline prices take a drop in Oklahoma

 

Gasoline prices have dropped a few cents per gallon in Oklahoma, following a national trend.

Oklahoma’s gasoline averages $2.62 per gallon, down two cents from a week ago but still 7 cents higher than a month ago and $1.14 more than one year ago.

The $2.62 compares to the national average of $2.87 and to the $2.66 average in Kansas; $2.90 in Colorado; $2.85 in New Mexico; $2.59 in Texas; $2.67 in Arkansas and $2.64 in Missouri according to AAA.

Okfuskee county in east central Oklahoma has the lowest average at $2.43 followed by $2.52 in Grant county in the northern part of the state, $2.43 in Enid and $2.54 in Cimarron County in the western end of the Panhandle.

Harmon county in the southwest has the highest average at $3.10 per gallon and adjacent Greer County has an average of $2.93.

Oklahoma City’s average climbed one cent in the past week to reach $2.59 a gallon while Tulsa prices fell six cents a gallon to a new average of $2.56. Lawton’s average dropped five cents to $2.46.

In the past week, 45 states saw either no change at the pump or drops in prices.

 

“Growing stock levels and cheaper crude oil prices are putting downward pressure on pump prices for the majority of motorists,” said Jeanette McGee, AAA spokesperson. “These are positive signs that less expensive gas prices could be around the corner, but not enough to indicate a steady trend just yet.”

Demand is one factor influencing gas prices. The Energy Information Administration (EIA) reported last week that demand was up by 174,000 b/d to 8.6 million b/d. That reading is just 222,000 b/d short of levels one year ago, when demand started to dip. If demand continues to increase, prices could follow. Gasoline stocks also saw a moderate increase with a build of 200,000 b/d. However, refinery utilization hit 82% indicating we could see a larger build in stocks this week, a factor that could help keep pump prices in check.

While a few cents cheaper on the week, the national gas price average is 15 cents more expensive on the month and 84 cents more expensive on the year.

Source: AAA