Gasoline prices hold steady in most of Oklahoma but fall nationally

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Gasoline prices were unchanged in the past week in Oklahoma with an average of $2.89 per gallon while nationally, they fell 3 cents to an average $3.30 per gallon.

The American Automobile Association reported Oklahoma’s $2.89 average was the same as a week ago, 9 cents cheaper than a month ago but 95 cents higher than one year ago.

Oklahoma City’s average is $2.82, 3 cents lower than last week according to AAA. However, GasBuddy reported one Oklahoma City service station offered gas Monday morning at $2.19 while many others were in the $2.50 range.

Tulsa’s average actually jumped 11 cents in the past week, going from $2.85 last week to $2.96 this week.

Lawton had the lowest average at $2.66, 2 cents cheaper than last week.

Ellis County in the northwest has the highest average at $3.22 a gallon followed by Coal County in the southeast where motorists pay an average $3.17 per gallon. At least 16 counties in the state have averages ranging from $3 to $3.22 per gallon.

Thirteen counties have the lowest prices ranging from $2.65 to $2.82.

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Oklahoma’s $2.89 average compares to $2.89 in Texas, $2.92 in Arkansas, $2.94 in Missouri, $2.98 in Kansas, $3.33 in Colorado and $3.25 in New Mexico.

AAA reported that fears of the COVID-19 omicron variant’s economic impact may threaten future global oil consumption.  As a result, pump prices fell again last week as crude oil prices wobbled—neither rising steadily nor falling rapidly.

“A recovering economy coupled with strong employment is leading to increased demand for gasoline,” said Andrew Gross, AAA spokesperson. “This demand increase should drive pump prices higher, but it’s been blunted by the wavering price of crude oil.”

According to recent data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 bbl to 218.6 million bbl last week. Meanwhile, gasoline demand increased from 8.96 million b/d to 9.47 million b/d. Typically, growing demand and tight supply would support rising pump prices; however, fluctuations in the price of crude oil have helped to put downward pressure on prices. Last week, crude prices crept above $70 per barrel and if oil prices continue to climb, pump prices will likely follow suit.

Today’s national average of $3.30 is 11 cents less than a month ago and $1.09 more than a year ago.