Yes, gasoline prices are edging back up. AAA Oklahoma reported going into the weekend how prices rose in the state and across the country.
The national average for a gallon of gas rose by a nickel since last week to $3.15. The upward trend is likely a combination of oil costs edging into the upper $70s per barrel and normal seasonal increases as winter eases and demand for gas creeps higher.
In Oklahoma, the gas average is $2.70 today, up 4 cents in the last week and 48 cents cheaper than one year ago. Today’s national average of $3.15 is five cents more than a month ago but 34 cents less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand increased from 7.89 to 8.14 million b/d last week. Meanwhile, total domestic gasoline stocks rose by 1.1 million bbl to 254.1 million bbl. Higher gas demand and fluctuating oil prices have contributed to increasing pump prices. If oil prices continue to face upward pressure, drivers may see pump prices rise.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
2/2/24 |
Week Ago |
Year Ago |
|
| National |
$3.15 |
$3.10 |
$3.49 |
| Oklahoma |
$2.70 |
$2.66 |
$3.18 |
| Oklahoma City |
$2.70 |
$2.72 |
$3.18 |
| Tulsa |
$2.68 |
$2.62 |
$3.09 |
| Lawton |
$2.55 |
$2.59 |
$3.02 |
| Crude Oil |
$72.28 per barrel (2/2/24) |
$78.01 per barrel (1/26/24 |
$73.39 per barrel (2/3/23) |
At the close of Friday’s formal trading session, WTI decreased 7.4% on the week to settle at $72.28. Oil prices settled at their lowest price in three weeks amid a strengthening dollar and no indications of new attacks in the Red Sea. Earlier in the week, attacks against shippers raised prices as commercial ships transiting the Red Sea sought longer, more expensive routes to avoid violence. Additionally, the EIA reported that total domestic retail crude stocks increased by 1.2 million bbl to 421.9 million bbl.
“We are in that time of year where pump prices begin to heat up, usually peaking around July,” said Rylie Fletcher, spokesperson for AAA Oklahoma. “But unless something shocks the global oil market and causes prices to spike, the national average for a gallon of gas will probably stagger higher, with some flat days or even small price dips along the way.”
