Gasoline demand soars to record high

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At 10 million b/d, gasoline demand reached a new Energy Information Administration (EIA) record last week, according to AAA.

That number reflects only a portion of Independence Day holiday travel. The nearly 1 million b/d jump in demand drove down gasoline supplies by 6.1 million bbl to 235,000 million bbl and consequently pushed the national average pump price up to $3.14.

Oklahomans are paying on average $2.87 a gallon, the ninth lowest price in the nation. This is nearly a dollar a gallon more than during the pandemic one year ago.

The price of crude oil, which fluctuated last week following OPEC’s failure to reach an agreement on production increases, continues to be a dominant factor in determining how high prices will go this summer. Last week ended with higher crude prices than the start, though still under $75/bbl. AAA believes those prices have the potential to increase this week, which will only lead to more expensive pump prices, especially amid robust demand.

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“Peak summer driving season is in full-swing as Americans hit the road to explore and gas prices are not backing down,” said Leslie Gamble, AAA Oklahoma spokesperson. “Motorists are paying, on average, nearly a dollar more a gallon than last summer to fill up and close to 40 cents more than in 2019.”

On the week, about 25 state averages increased by at least two cents with a few seeing a jump of nine cents or more. State averages range from as low as $2.76 in Mississippi to as expensive as $4.31 in California.

Quick Stats

The nation’s top 10 largest increases: Utah (+11 cents), Indiana (+10 cents), Wyoming (+9 cents), Idaho (+9 cents), Alaska (+6 cents), Montana (+6 cents), South Carolina (+5 cents), North Dakota (+5 cents), Oklahoma (+4 cents) and Washington (+3 cents).

The nation’s top 10 least expensive markets: Mississippi ($2.76), Louisiana ($2.78), Alabama ($2.82), Texas ($2.82), Missouri ($2.82), Arkansas ($2.84), South Carolina ($2.86), Kansas ($2.86), Oklahoma ($2.87) and Tennessee ($2.88).