The growing demand by Americans for more gasoline is sending gasoline prices upward as the nation rushes to free itself from the lockdown caused by the coronavirus.
Oklahoma gasoline prices rose 6 cents a gallon in the past week to reach a new average of $1.82 according to AAA Oklahoma. A week ago, the average was $1.76 while a month ago, motorists enjoyed an average price of $1.52 for a gallon of regular gasoline.
Nationally, the price is $2.10 on average, up from the $2.05 average of one week earlier and up 23 cents from the $1.87 average reported a month ago.
Oklahoma’s lowest average prices, those ranging from $1.74 to $1.77 are in 9 northeast counties. They include Osage, Tulsa, Okmulgee, Okfuskee, Wagoner, Adair, Rogers, Nowata and Craig counties.
The highest price average in the state is in Logan County where Guthrie motorists and those stopping off I-35 to refuel pay an average of $2 a gallon. But an average of $1.99 a gallon is also reported in Hollis in the Southwest and $.197 in Shattuck in the northwest.
The average price in Oklahoma City is $1.86, up from $1.79 a week ago and 31 cents higher than a month ago. But GasBuddy reports several stations are pumping gas as low as $1.59 and many are in the $1.64 range.
Motorists in Tulsa are paying an average of $1.76, six cents higher than a week ago and up from the $1.43 average reported one month earlier.
Oklahoma’s average of $1.82 compares to $1.89 in Kansas, $2.32 in Colorado, $1.97 in New Mexico, $1.81 in Texas, $1.80 in Arkansas and $1.84 in Missouri.
Triple A reports that since mid-May, gasoline demand has increased 18% to 7.9 million b/d, according to the latest Energy Information Administration (EIA) report. The slow, but steady rise in demand has pushed the national pump price more expensive by 13% in the same timeframe. Today’s national average is $2.10. That is seven cents more on the week, 24 cents more on the month, but 59 cents cheaper on the year.
“As Americans drive more, they are re-fueling gasoline demand levels, which is helping to lift pump prices, said Jeanette Casselano, AAA spokesperson. “Higher demand will contribute to increasing gas prices in the coming weeks, but they aren’t going to spike to typical summer prices. That’s because demand won’t be sufficient enough to drive down stocks levels. Gasoline stocks sit at a significant surplus of nearly 24 million bbl year-over-year.”
Today, only one-third of state averages are $1.99 per gallon or less and the majority of those are states in the South and Southeast.
Source: AAA/GasBuddy OKC
