“Compared to the first few weeks of January last year, consumer gasoline demand is noticeably higher, which is surprising given the frigid winter much of the country has experienced this month,” said Leslie Gamble, AAA Oklahoma spokesperson. “But demand isn’t the only factor driving prices up. Crude oil has been selling at very expensive rates the past few months. Those higher market prices are now trickling over to consumers at the pump.”
As a result of the gasoline price jump in Oklahoma, the state is no longer in the top ten states with the lowest average. South Carolina leads the nation with a $2.31 a gallon average followed by Texas at $2.34 a gallon. New Mexico is 5th at $2.36. Arkansas is 7th at $2.37 while Missouri is 8th at $2.38 a gallon.
AAA Oklahoma suggests oil prices will continue their trend at rising and that will likely mean an increase at the pump. Prices for West Texas Intermediate crude on the New York Mercantile Exchange were in the upper 60s in recent trading. U.S. crude inventories were also at their lowest level in three years.
While crude inventories are at a record low and gasoline prices are going up, U.S crude oil production is also approaching a new 10 million barrel a day record.