Oklahoma gasoline prices jumped 19 cents a gallon over the weekend as fighting intensified in Ukraine and U.S. officials still hesitate whether to ban any more crude oil purchases from Russia. It also represented a 37-cent increase in just one week.
Oklahoma’s average as of Monday, according to the American Automobile Association was $3.64, up from the $3.45 recorded on Friday as OK Energy Today reported. It was also a 5-cent one-day jump since Sunday and 37 cents more than the $3.27 average reported one week ago.
AAA showed a national average on Monday of $4.06 while in Oklahoma City, motorists paid an average $3.67 per gallon. The new Oklahoma City average was 42 cents more than a week ago. Oklahoma City’s highest average price was $3.96 per gallon recorded by AAA in May of 2013.
The national average has not been this high since July 2008.
Tulsa drivers paid an average $3.61 on Monday, 26 cents more than a week earlier. Tulsa’s all-time high average was $3.92 in July of 2008.
Lawton’s new average on Monday was $3.52 compared to $3.02 a week earlier. The city’s record high average was $3.95 paid in July 2008.
Greer County in southwestern Oklahoma had the highest average on Monday at $3.97 per gallon followed by $3.95 in Coal County and $3.86 in Logan County.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 500,000 bbl to 246 million bbl last week. Meanwhile, gasoline demand rose slightly from 8.66 million b/d to 8.74 million b/d.
The increase in gas demand and a reduction in total supply contribute to rising pump prices. But, increasing oil prices play a leading role in pushing gas prices higher. Consumers can expect the current trend at the pump to continue as long as crude prices climb.