The national gas price average has been trending downward for the better part of a month now, and it is possible the highest gas prices of the year are behind us….according to the American Automobile Association in Oklahoma.
Oklahomans have had the lowest prices in the nation throughout the fall surge. Still, today’s average of $2.89 a gallon is a full dollar more than a year ago on this date. The average price at the pump is down three cents as compared to a week ago and 13 cents cheaper than a month ago.
The national average for a gallon of gas is $3.33, down two cents on the week, eight cents less than a month ago but still $1.17 more than a year ago.
There are two factors that have been pushing pump prices lower – lower demand, which is typical at this time of year, and a drop in the price of oil.
“Gas prices tend to fall a bit this time of year due to the shorter days and less robust demand,” says Leslie Gamble, spokesperson for AAA Oklahoma. “This downward trend got an assist from the recent drop in oil prices due to fears over the omicron variant, but the variant’s impact on pricing appears to be fading, so it remains to be seen if oil prices stabilize or move higher.”
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by nearly 4 million bbl to 219,304 million bbl last week. Meanwhile, gasoline demand was relatively flat, creeping upwards from 8.8 million b/d to 8.9 million b/d. The slight increase in demand was countered by crude prices in the low $70s bbl.
Source: AAA Oklahoma