Heading into the past weekend, Oklahoma gasoline prices had risen six cents from the previous week to an average of $2.66 a gallon according to AAA Oklahoma. Oklahoma City prices were up nearly a dime from a prior week.
The national average had risen a penny to $3.10 per gallon and the increase was attributed to low gas demand plus slightly higher oil costs.
According to new data from the Energy Information Administration (EIA), gas demand dipped from 8.27 to 7.89 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 4.9 million bbl to 253 million bbl. Due to fluctuating oil prices, lower gas demand, and rising stocks, pump price increases have been limited. If oil prices continue to see upward pressure, drivers could see pump prices increase steadily in the weeks ahead.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
1/26/24 |
Week Ago |
Year Ago |
|
| National |
$3.10 |
$3.08 |
$3.50 |
| Oklahoma |
$2.66 |
$2.60 |
$3.19 |
| Oklahoma City |
$2.72 |
$2.63 |
$3.18 |
| Tulsa |
$2.62 |
$2.49 |
$3.18 |
| Lawton |
$2.59 |
$2.40 |
$3.05 |
| Le Flore-Sequoyah |
$2.60 |
$2.59 |
$3.15 |
| Crude Oil |
$78.13 per barrel (1/26/24) |
$73.41 per barrel (1/19/23) |
$79.68 per barrel (1/27/23) |
At the close of Wednesday’s formal trading session, WTI increased by $4.72 to settle at $78.13. Oil prices rose yesterday after the EIA reported that total domestic commercial crude stocks decreased significantly by 9.2 million bbl to 420.7 million bbl. The drop in total stocks signals that tight supply could increase prices if demand grows.