Gasoline prices in Oklahoma have now risen to an average of $3.01 a gallon, up 2 cents in the past week according to AAA Oklahoma.
The national average also rose 2 cents in the past week to reach a new average of $3.34 a gallon. A month ago the national average was $3.28.
Oklahoma’s new average of $3.01 compares to $2.85 one month earlier and to $2.13 a year ago. At least 16 counties have an average price ranging from $3.09 to $3.24 per gallon with the highest average of $3.24 reported in Coal County. The average in Harmon County is $3.20 while motorists in Ellis County in the northwest pay an average of $3.21.
The lowest average in the state is Cotton County where drivers pay $2.78 a gallon. At least 13 counties have averages ranging from $2.78 to $2.97.
Oklahoma City motorists pay an average of $2.98, an increase of 4 cents in the past week. Lawton drivers see an average of $2.83 on the gas pumps while Tulsa’s average is the highest of the metro areas in Oklahoma—$3.07 a gallon, same as a week ago.
AAA reports the culprit is the rising price for oil, which is now bobbing around $87 per barrel, nearly $20 more than in November. Last week, both OPEC and U.S. energy officials said the COVID-19 omicron variant is no longer expected to slow the continued recovery of petroleum demand in 2022. Despite this, OPEC and its allies are maintaining their planned modest production increases and will not dramatically ramp up output. The result will be a continued tight supply of oil.
Plus there is the growing tension over Russian’s threatened invasion of Ukraine to add to the global political mix.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks rose by 5.9 million bbl to 246.6 million bbl last week. Meanwhile, gasoline demand rose slightly from 7.91 million b/d to 8.22 million b/d. The slight increase still puts gas demand in the average range for the winter driving season. Typically, pump prices drop due to low gas demand and a rise in supply, but a steady increase in the price of crude oil has prevented this from happening. As oil prices continue to climb, pump prices will likely follow suit.
Oklahoma’s average of $3.01 compares to $3 in Texas, $2.99 in Arkansas, $3.05 in Missouri, $3.06 in Kansas, $3.29 in Colorado and $3.28 in New Mexico.