Heading into the past weekend, gasoline prices were down from 7 to 9 cents a gallon on average in Oklahoma City and Tulsa.
AAA reported the national average for a gallon of gas dipped slightly by four cents since last week to $3.08. One reason could be lower demand, as fewer people are fueling up after the peak of holiday road travel. The national average is 14 cents less than a month ago and 20 cents less than a year ago.
In Oklahoma, the gas average is $2.61 today, down eight cents in the last week and 32 cents lower than one year ago.
According to new data from the Energy Information Administration (EIA), gas demand nosedived from 9.17 to 7.95 million b/d last week. Meanwhile, total domestic gasoline stocks increased substantially by 10.9 million bbl to 237 million bbl. Weak gas demand, alongside increased supply, has pushed pump prices lower. However, rising oil prices have limited price decreases. If gas demand remains weak, drivers will likely continue to see pump prices trickle downward.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
1/5/24 |
Week Ago |
Year Ago |
|
| National |
$3.08 |
$3.12 |
$3.28 |
| Oklahoma |
$2.61 |
$2.69 |
$2.93 |
| Oklahoma City |
$2.53 |
$2.62 |
$2.92 |
| Tulsa |
$2.61 |
$2.68 |
$2.93 |
| Le Flore-Sequoyah |
$2.63 |
$2.67 |
$2.92 |
| Crude Oil |
$73.75 per barrel (1/5/24) |
$71.65 per barrel (12/29/23) |
$73.77 per barrel (1/6/23) |
At the close of Friday’s formal trading session, WTI increased by $1.10 to settle at $73.75. Oil prices have increased this week amid heightened tensions in the Middle East. Shipping disruptions in the Red Sea and the potential for tighter sanctions on Iran have led to market concerns that the oil supply could tighten and transportation costs could rise. Additionally, the EIA reported that total domestic commercial crude inventories declined by 5.5 million bbl to 431.1 million bbl last week.
“January is a bit of blah time of year, and gas prices are in the doldrums as well,” said Rylie Fletcher, AAA Oklahoma spokesperson. “Barring some unexpected shock to the global oil market, gas prices will likely shuffle up and down a few cents for a while.”
Source: AAA release
