Gas prices still high but cheapest is still in Oklahoma

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Heading into the weekend, American drivers saw only a penny decline in the national average of gasoline compared to earlier in the week. AAA reported a national average of $3.41 for a gallon of regular gasoline.

Oklahoma drivers saw a 2-cent drop in their average from $3.04 a week ago to $3.02 this week. A month ago, the statewide average was $2.91 while one year ago, motorists paid an average of $1.80 a gallon.

Lawton still has the cheapest gasoline with an average of $2.86, down 4 cents from a week ago but far more than the $1.68 paid one year ago.

Oklahoma City’s average this week is $2.98 a gallon, same as a week ago but far higher than the $1.79 paid by motorists last year at this time.

Tulsa has the highest metropolitan average at $3.05, down 4 cents from a week ago but much more than the $1.73 average a year ago.

Most counties in Oklahoma have an average of more than $3 a gallon with only 13 counties averaging $2.85 to $3 a gallon.

Coal county remains highest with a $3.26 average while adjacent Hughes County is second highest at $3.23 per gallon.

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Oklahoma has the lowest average in the region of its adjacent states. The average in Kansas is $3.11 while Colorado’s is $3.50, New Mexico’s is $3.37, Texas is at $3.06, Arkansas is also $3.06 and the average in Missouri is $3.10 a gallon.

AAA reported that according to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 212.7 million bbl last week. Gasoline demand also dropped from 9.5 million b/d to 9.26 million b/d. The decrease in demand has contributed to some price relief at the pump for drivers. However, pump prices will likely remain elevated as long as oil prices are above $80 per barrel.

At the close of Thursday’s formal trading session, WTI increased by 25 cents to settle at $81.59. Although crude prices reversed course today due to fluctuations in the market, crude prices declined earlier this week as inflation fears weigh on the market.

Additionally, after the EIA reported that total domestic crude supply increased by 1 million bbl to 435.1 million bbl last week, prices also fell. However, according to EIA’s data, the total domestic crude supply is still down 11 percent compared to the previous year at this time, putting elevated price pressure on crude.

Largest Weekly Changes

  • Since last Thursday, these 10 states have seen the largest changes in their averages: Michigan (+11 cents), Arizona (+8 cents), California (+3 cents), Illinois (−3 cents), Missouri (−3 cents), Pennsylvania (+2 cents), Washington, D.C. (+2 cents), South Carolina (−2 cents), Florida (−2 cents) and Massachusetts (+1 cent).

Source: AAA

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