The national average for a gallon of gas drifted lower by just four cents since last week to $3.54 down just two cents in the last week. The lackluster movement can be attributed to higher demand for gasoline but a lower cost for oil canceling each other out.
In Oklahoma, the gas average is $3.17 today, down seven cents in the past week and $0.83 less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand grew substantially from 8.62 to 9.30 million b/d last week. The spike is higher than some market observers expected; the estimate could be revised when EIA releases final demand measurements for May. Meanwhile, total domestic gasoline stocks decreased by 3.2 million bbl to 219.7 million bbl. Increased demand and a reduction in stocks have slowed pump price decreases.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
05/12/23 |
Week Ago |
Year Ago |
|
| National |
$3.54 |
$3.56 |
$4.41 |
| Oklahoma |
$3.17 |
$3.24 |
$4.00 |
| Oklahoma City |
$3.25 |
$3.31 |
$4.02 |
| Tulsa |
$3.01 |
$3.09 |
$4.00 |
| Lawton |
$2.94 |
$3.00 |
$3.85 |
| Crude Oil |
$70.04 per barrel (05/12/23) |
$71.34 per barrel (05/08/23) |
$110.049 per barrel (05/13/22) |
At the close of Friday’s formal trading session, WTI crude oil settled at $70.04. Oil prices declined this week amid ongoing market uncertainty regarding stalled U.S. debt ceiling negotiations. The market is concerned that if the debt limit is breached, it could contribute to the economy tipping into a recession. If a recession occurs, crude demand and prices would likely decline.
The Weekend
“Increasing demand for gasoline would usually drive pump prices higher,” said Rylie Mansuetti, spokesperson for AAA Oklahoma. “But the cost for oil has remained low lately, so drivers should benefit from stable pump prices as Memorial Day draws near.”
Source: AAA press release