Yes, gasoline prices are climbing again and you can blame it in part on the recent cold weather along with geopolitical tensions. Oklahoma’s average gasoline price rose 8 cents in the past week to reach $3.13 a gallon according to the American Automobile Association.
A week ago, Oklahoma’s average was $3.05 a gallon while a month ago, prices averaged $2.93. The state had a $2.18 average one year ago.
Some places in Oklahoma are up to $3.41 on average. That’s in Coal County in the southeast, one of 16 counties in the state with averages ranging from $3.22 to more than $3.41 a gallon. Harmon County in the southwest has an average of $3.39 per gallon while Ellis County in the northwest averages $3.31 per gallon.
The lowest average in the state is Cotton County in the southwest where motorists pay $2.93 per gallon. At least 13 counties in the state have averages ranging from $2.93 to $3.09.
When it comes to the larger cities, Lawton is cheapest with an average of $2.95, up a dime in the past week. Oklahoma City’s average is now at $3.09, six cents higher than a week ago.
Tulsa motorists pay $3.18 on average, 12 cents more than last week.
Oklahoma’s $3.13 average is tied with Texas for some of the lowest prices in the region. The average in Kansas is $3.16 while drivers in Arkansas and Missouri pay $3.12 a gallon. Colorado’s average is $3.33 while New Mexico is highest at $3.40 per gallon.
The national average for a gallon of gas has surged to $3.44, eight cents more than a week ago. Gas was last this expensive in 2014.
“This shows how events on the other side of the globe can have a noticeable impact right here in the U.S,” said Andrew Gross, AAA spokesperson. “And unfortunately for drivers, they are reminded of this by higher prices at the pump.”
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks grew by 2.1 million bbl to 250 million bbl last week. However, gasoline demand dropped from 8.51 million b/d to 8.23 million b/d. Usually, an increase in total stocks and a decrease in demand puts downward pressure on pump prices, but the rising cost of oil continues to push prices higher instead. If crude prices continue to climb, pump prices will likely follow suit.
