Spooky rising gasoline prices are catching up with Oklahoma as Halloween approaches and 64 of the state’s 77 counties now have averages at $2.98 all the way up to $3.26 a gallon. Yet, the statewide average is still the lowest in the region.
Only 13 counties have price ranges less than $2.98 a gallon according to the latest AAA gasoline survey. Oklahoma’s average stands at $3.02 heading into the weekend, up 2 cents from a week ago while the national average is $3.38 a gallon.
At least 16 counties in the state have averages from $3.08 to $3.26 with the highest average of $3.26 in Coal County. Others in the high price range are Hughes at $3.22, Ellis at $3.19, Noble at $3.14, Creek at $3.11, Cherokee at $3.17, McClain at $3.11, Love and Greer Counties at $3.13 and Harmon at $3.15.
Oklahoma City’s average rose only one cent in the past week to reach $2.97 while Lawton still has the cheapest prices with a $2.91 average.
Tulsa motorists are filling up at an average $3.04 a gallon.
Oklahoma’s $3.02 average compares to $3.05 in Texas, $3.11 in Kansas, $3.51 in Colorado, $3.32 in New Mexico, $3.06 in Arkansas and $3.12 in Missouri.
The pump price has gone up every day nationally in the past 27 days, adding approximately 20 cents to the cost of a gallon of gas. The national average of $3.38 is 20 cents more than a month ago and $1.22 more than a year ago, and 77 cents more than in 2019.
“With the U.S. economy slowly recovering from the depths of the pandemic, demand for gas is robust, but the supply is tight,” said Andrew Gross, AAA spokesperson. “We haven’t seen prices this high since September of 2014.”
The recent rise in the pump price is due to higher demand coupled with a decline in stocks alongside elevated crude prices. Global oil production is still below pre-pandemic levels. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 5.4 million bbl to 217.7 million bbl last week. However, gasoline demand increased from 9.19 million b/d to 9.63 million b/d. Since the cost of oil accounts for more than half of the pump price, consumers will be paying more as long as crude prices remain high.
The nation’s top 10 largest weekly increases: North Carolina (+14 cents), Florida (+14 cents), Arizona (+12 cents), Rhode Island (+11 cents), New York (+11 cents), New Hampshire (+10 cents), Connecticut (+10 cents), New Jersey (+10 cents), Pennsylvania (+9 cents) and Texas (+9 cents).
The nation’s top 10 most expensive markets: California ($4.54), Hawaii ($4.26), Nevada ($3.92), Washington ($3.87), Oregon ($3.78), Alaska ($3.72), Idaho ($3.71), Utah ($3.68), Washington, D.C. ($3.57) and Pennsylvania ($3.56).
Source: AAA