Oklahoma average gasoline prices were down heading into the weekend while the national average teased the $3 mark, but AAA says don’t bet on the U.S. average actually ever hitting $3 a gallon.
“I wouldn’t bet the farm on the national average reaching $3 a gallon, even if we are tantalizingly close,” said Rylie Fletcher, spokesperson for AAA Oklahoma.
“The mid-winter blahs will likely keep pump prices waffling a few cents up and down for the immediate future. But keep an eye on frigid temps because those can affect refinery production, pushing some regional pump prices higher.”
The national average for a gallon of gas barely budged since last week, falling two cents to $3.07. The primary reason appears to be rather humdrum numbers for the cost of oil and gasoline demand. In Oklahoma, the gas average is $2.58 today, down 3 cents in the last week and 34 cents cheaper than one year ago. Today’s national average of $3.07 is 6 cents less than a month ago and 20 cents less than a year ago.
A report by GasBuddy found gasoline as low as $2.15 a gallon in Oklahoma City while the lowest price in Tulsa was $2.29 per gallon.
According to new data from the Energy Information Administration (EIA), gas demand increased from 7.95 to 8.33 million b/d last week. Meanwhile, total domestic gasoline stocks increased significantly by 8 million bbl to 245 million bbl. The slight uptick in demand has limited pump price drops, causing the national average to stagnate. However, if oil prices continue to drop, drivers could continue to see pump prices trickle lower.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
1/12/24 |
Week Ago |
Year Ago |
|
| National |
$3.07 |
$3.08 |
$3.27 |
| Oklahoma |
$2.58 |
$2.61 |
$2.92 |
| Oklahoma City |
$2.57 |
$2.53 |
$2.90 |
| Tulsa |
$2.53 |
$2.61 |
$2.86 |
| Lawton |
$2.43 |
$2.70 |
$2.74 |
| Crude Oil |
$74.22 per barrel (1/12/24) |
$73.81 per barrel (1/05/23) |
$79.86 per barrel (1/13/23) |
At the close of Friday’s formal trading session, WTI settled at $74.22 up 0.5% from last Friday. Oil prices eased this week after the EIA reported that total domestic commercial crude stocks increased by 1.3 million bbl to 432.4 million bbl. Rising stocks signal that demand could be softening, helping to push prices down as the nation settles into winter.