Oklahoma gas prices higher than a year ago

The national average for a gallon of gas has been hovering around $3.82 for the past ten days, a noteworthy length for price stability. This lack of price movement came despite an uptick in gas demand and rising oil prices approaching the mid-$80s per barrel. Today’s national average of $3.84 is 30 cents more than a month ago but 15 cents less than a year ago.

In Oklahoma, the gas average is $3.62 today, up five cents in the last week and seven cents higher than one year ago.

According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.84 to 9.30 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased from 219.1 to 216.4 million barrels. Higher demand, amid tighter supply, has helped to keep pump prices elevated. If gas demand remains high, alongside increasing oil prices, drivers should brace for increases in pump prices.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

At the close of today’s formal trading session, WTI increased less than $1.00 week over week to settle at $83.19. Oil prices hit a seventh straight weekly increase as a result of tightening supplies as a result of production cuts by Saudi Arabia and Russia.

The Weekend

“We appear to be at a fork in the road when it comes to which direction gas prices will take – up or down,” said Rylie Mansuetti, AAA Oklahoma spokesperson.

“The summer heat that kept people home and suppressed refinery production has eased for now, so we have to look at the cost of oil to determine if the recent price climb is ending. More expensive oil will likely lead to higher prices, so stay tuned.”

Source: AAA press release