Gasoline prices continue to increase in Oklahoma

Gasoline prices rose by another 12 cents in the past week in Oklahoma, reaching a new average of $3.55 a gallon according to the American Automobile Association.

And some experts believe prices will continue to climb because of last week’s action by OPEC+ to reduce oil production by 2 million barrels a day.

While the Biden administration took claim when prices dropped, a spokeswoman returned to blaming Russia’s Putin for causing the resurgence in prices in the past week.

Nationally, the new average hit $3.91 this week, compared to $3.79 a week ago and $3.72 a month ago.

Oklahoma’s average was $3.43 last week and in the past month, prices have risen 25 cents on average.

The average price in Oklahoma City is $3.51, a dime more than a week ago and 23 cents higher than a month earlier. Tulsa’s average is up to $3.59 which is 21 cents higher in the past week. It is also 40 cents higher than a month ago when the average was $3.19.

Lawton motorists still have the lowest average at the pump of $3.33, which is 11 cents more than last week and 33 cents higher than a month ago.

Of states surrounding Oklahoma, Texas has the lowest average of $3.26 while Arkansas is $3.38 and Missouri is $3.47. The average in Kansas is $3.51 while Colorado’s is $3.74 and the average in New Mexico is $3.80.

OPEC+ recent announcement that the group of oil-producing nations would slash output by 2 million barrels per day led to the price of oil creeping above $90 a barrel for the first time in several weeks according to AAA.  A higher cost for oil usually means more expensive gasoline. Meanwhile, domestic demand increased as more drivers fueled up last week.

According to new data from the Energy Information Administration (EIA), gas demand increased nationally from 8.83 million b/d to 9.47 million b/d last week. Total domestic gasoline stocks decreased significantly by 4.7 million bbl to 207.5 million bbl. High gasoline demand, amid tight supply, has led to higher pump prices nationwide.

Gasoline prices in California were still higher than $6 a gallon but they were also slowly falling this week as more refineries went back on line.

Those prices are higher than what motorists in Europe are paying.