While Oklahomans continue to benefit from some of the lowest gasoline prices in the nation, the national average for a gallon of gas fell to $4.21, down 14 cents since last week. A slight uptick in gas demand could end the steady drop in daily pump prices, according to a press release issued by AAA.
“We know that most American drivers have made significant changes in their driving habits to cope with high gas prices,” said Andrew Gross, AAA spokesperson. “But with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise.”
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.52 million b/d to 9.25 million b/d last week. The estimated rate is 80,000 b/d lower than last year, but it could slow pump price decreases if the trend holds. Additionally, total domestic gasoline stocks decreased by 3.3 million bbl to 225.1 million bbl, signaling that higher demand reduced inventory last week.
AAA’s new survey data revealed that drivers are making significant changes to cope with high pump prices. Almost two-thirds (64%) of Americans changed their driving habits or lifestyle since March, with 23% making “major changes.” The top three changes by drivers to offset high gas prices are driving less, combining errands and reducing shopping or dining out.
The national average of $4.21 is 63 cents less than a month ago and $1.04 more than a year ago.
The nation’s top 10 largest weekly decreases include Colorado (−22 cents), Kansas (−22 cents), Ohio (−22 cents), Nebraska (−21 cents), Indiana (−21 cents), Michigan (−20 cents), Iowa (−20 cents), Illinois (−19 cents), Oklahoma (−19 cents) and Arizona (−19 cents).
The nation’s top 10 least expensive markets include Texas ($3.71), South Carolina ($3.73), Georgia ($3.76), Oklahoma ($3.77), Arkansas ($3.77), Mississippi ($3.77), Tennessee ($3.78), Alabama ($3.78), Louisiana ($3.82) and Kentucky ($3.83).