While the national gas price average is at the most expensive level in six years at $3.04, AAA reports Oklahoma’s $2.78 average is the sixth lowest in the nation.
Still, Oklahoma prices are 15 cents higher than a month ago when the average was $2.63 a gallon. AAA says travel is rebounding from the Coronavirus pandemic and there is increased demand for gasoline.
Oklahoma’s average a week ago was $2.70 a gallon. A year ago during the height of the stay-at-home orders in Oklahoma, state prices plunged to $1.52 per gallon.
Oklahoma City has an average of $2.75 a gallon, up 8 cents over the past week. Lawton is still cheapest at $2.63 a gallon while prices in Tulsa and northeast Oklahoma are up to $2.86 a gallon.
Several counties around Tulsa are in the $2.86 to $2.91 range with averages in Creek and Rogers Counties at $2.91. Adjoining Nowata County however is at $2.65.
Harmon County in the far southwest has the state’s highest average at $3.10 a gallon. A handful of other counties are at $2.95 including Ellis in the northwest and Coal in the Southeast.
Oklahoma’s average of $2.78 compares to $2.84 in Kansas, $2.76 in Missouri, Arkansas and Texas, $2.93 in New Mexico and $3.07 in Colorado.
The national gas price average is the most expensive in six years at $3.04, according to AAA. Gas prices were expected to flirt with $3/gallon leading up to Memorial Day weekend, but last week’s shutdown of the Colonial Pipeline caused prices to spike weeks ahead of the holiday.
On the week, the national average jumped eight cents. States like Georgia, North Carolina and South Carolina, where the gasoline supply was strained due to the pipeline shutdown, saw prices jump as much as 21 cents in a matter of days. With the pipeline back in operation and supply being restored, gas prices in these states and the national average have stabilized since the end of last week.
“The Southeast will continue to experience tight supply this week as terminals and gas stations are refueled,” said Leslie Gamble, AAA Oklahoma spokesperson. “Over the weekend, gas prices started to stabilize, but are expected to fluctuate in the lead up to Memorial Day weekend.”
AAA forecasts 34 million Americans to take a road trip 50 miles or more from home from May 27 to May 31 to celebrate the unofficial kickoff to summer. That is a 52% increase compared to last summer, but nearly 9% below pre-pandemic levels in 2019. Regardless, motorists will be met with the most expensive gas prices since 2014.
“This is going to be an expensive summer for motorists. However, we do not expect it to deter travelers from hitting the road. AAA finds that despite the higher pump prices, Americans still take their road trips but just may not travel as far as originally planned, or go to their planned destination and spend a little less,” added Gamble.
Crude oil prices and gasoline demand will be two large factors in determining how expensive gas prices will go. Market optimism that crude demand will recover, despite an uptick in coronavirus infection rates in some countries, helped to lift prices last week.
Prices could continue to climb this week if the market remains optimistic as vaccines continue to roll out. Additionally, prices increased after the Energy Information Administration’s (EIA) latest weekly report revealed that total domestic crude oil inventory decreased by 400,000 bbl to 484.7 million bbl. If EIA’s next report shows another decrease in total domestic crude supply, crude prices could increase further.
Source: AAA press release
