The gas hike has hit Oklahoma—hard. More counties now have average gasoline prices of $4 or more than in previous months with the highest average in Coal County where motorists are paying an average $4.32 for a gallon of regular gasoline.
The price jump fell in line with what’s happening nationally where the American Automobile Association reported this week a new national average of $4.37 compared to Oklahoma’s average $3.95. The Oklahoma average jumped 14 cents in one week but still remains one of the lowest in the region.
Oklahoma’s average hit a record high price set July 16, 2008.
The Oklahoma City average of $4.00 per gallon surpassed the previous record set in May of 2013 reported AAA.
But consider the list of counties with $4 or more for gasoline: Coal $4.32; Ellis $4.27; Harmon $4.19; Pontotoc $4.12; Hughes $4.08; Marshall $4.13; Love $4.06; Jefferson $4.09; Cleveland $4.01; Roger Mills $4.08; Woodward $4.07; Woods $4.16; Noble $4.07; Logan $4.16; Lincoln $4.08; Beaver $4..02 and Canadian at $4.
Triple A reported that Oklahoma City’s new average this week is an even $4 per gallon, an increase of 17 cents from one week ago. The average in Tulsa is $3.86, also up 17 cents in the past week. A year ago, motorists in Oklahoma City paid $2.67 per gallon and those in Tulsa paid $2.69.
Lawton has an average of $3.74 this week, up 7 cents from a week ago. One year earlier, drivers in Lawton paid an average $2.58 per gallon.
Oklahoma’s average of $3.95 compares to $3.96 in Kansas, $4.10 in Colorado, $4.21 in New Mexico, $4.06 in Texas, $3.96 in Arkansas and $3.93 in Missouri.
In the past two weeks, the national average for a gallon of gasoline has risen 20 cents to $4.32, a penny less than the record high set on March 11. The increase is primarily due to the high cost of crude oil, which was hovering near $100 a barrel last week and is now closing in on $110.
“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” said Andrew Gross, AAA spokesperson. “These prices are creeping closer to those record high levels of early March.”
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.
- The nation’s top 10 largest weekly increases: Michigan (+26 cents), New Jersey (+25 cents), Connecticut (+19 cents), Kentucky (+19 cents), Indiana (+19 cents), Rhode Island (+19 cents), Illinois (+18 cents), Washington, D.C. (+18 cents), Alabama (+18 cents) and Tennessee (+18 cents).
- The nation’s top 10 most expensive markets: California ($5.82), Hawaii ($5.28), Nevada ($5.11), Washington ($4.83), Oregon ($4.81), Alaska ($4.73), Washington, D.C. ($4.69), Arizona ($4.66), Illinois ($4.59) and New York ($4.51).