With the threat of a repeat of last summer’s high gasoline prices across the U.S., the cost of pulling up to the pump in Oklahoma has declined in the past few weeks, reaching an average of $3 a gallon.
AAA Oklahoma reported the national average is $3.43 per gallon. But the U.S. Energy Information administration reported this week there could be another summer of high gasoline prices ahead because fuel stockpiles are heading toward multi-year lows ahead of the peak summer driving season.
Remember when the national average hit a record $5.02 a gallon in June? A year ago this week, Oklahoma’s average was $3.78 per gallon. Prices in the state slipped 2 cents in the past week and only 5 cents over a month ago.
In Oklahoma, prices average $2.86 a gallon in Lawton, $3.05 in Oklahoma City and $2.78 in Tulsa.
Lawton prices fell 5 cents a gallon over the past week while Oklahoma City prices actually rose 4 cents during the same period. The average in Oklahoma City is the same as it was one month ago.
Tulsa’s average is 7 cents lower than a week ago and 18 cents below the $2.96 average of a month earlier.
Coal County in the southeast part of the state has highest average at $3.50 per gallon followed by $3.41 in Ellis County in the northwest. Tulsa County is lowest at $2.74 per gallon.
Last week’s 6 million-barrel drawdown was the biggest since September 2021, leaving inventories at 229.6 million barrels, their lowest for this time of the year since 2015, according to weekly government data reported Reuters.
“We are in danger of going below 200 million barrels of gasoline storage for the first time in many years,” said Robert Yawger, director of energy futures at Mizuho.
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