Oklahoma Gasoline Prices Spike as Iran Conflict Disrupts Oil Shipping
Oklahomans are starting to quickly feel the impact the U.S. and Israeli military attacks on Iran are having on them in the form of rapidly rising gasoline and diesel fuel prices.
Within one day this week, gasoline prices rose as much as 27 cents per gallon in Tulsa, reaching a Tuesday price of $2.78 a gallon. On Monday, they had been at $2.51 per gallon. One week earlier, Tulsa’s average was $2.38 per gallon.
The Oklahoma statewide average shot up 15 cents from Monday to Tuesday morning. It had been $2.47 on Monday, according to AAA but by Tuesday had increased to $2.62 a gallon. A week ago, the average had been $2.37 a gallon.
Oklahoma City, Tulsa See Rapid Jumps
GasBuddy, another technology company and mobile app that helps drivers find the lowest-priced fuel, reported Tuesday that gasoline prices in the Oklahoma City metro are still low, $1.99 at a site in Newcastle and $2.03 at one Oklahoma City Walmart store.
Prices across the state have soared since the fighting started last Saturday morning. Since then, oil tankers in the Persian Gulf have been hit by Iranian missiles and many have stayed in port rather than make the risky trip with the narrow stretch of water called the Strait of Hormuz, an area less than 30 miles in width. While the U.S. and allies have sunk 11 Iranian navy ships, a total believed to be most of the country’s naval power, the deadly missiles remain a threat to the flow of oil out of the Middle East.
“On Tuesday, a fuel tank at Oman’s Duqm commercial port was hit and a fire broke out at the United Arab Emirates’ Fujairah, one of the key regional oil hubs,” Reuters reports.
As a result, gasoline prices in Oklahoma have reflected the impact. Oklahoma City’s average jumped 16 cents from Monday to Tuesday, rising from $2.44 a gallon to $2.60 a gallon as of Tuesday morning. Just a week ago, prices had been $2.33 a gallon so the metro area has seen a 27-cent a gallon jump since last week.
Lawton’s average rose 9 cents, from $2.43 on Monday to $2.52 as of Tuesday. Last week, the southern Oklahoma City, home to the Fort Sill Army post, had an average of $2.30 per gallon.
Regional Differences Across the State
Around the state, the highest prices for gasoline are in the southeast where Coal county’s average is $3.04 per gallon. Wagoner county in the northeast has a $2.89 a gallon average and Ellis county in the northwest corner of the state recorded an average of $2.85 per gallon.
The recent surge follows global oil price spikes triggered by shipping disruptions and fears of prolonged instability in one of the world’s most critical energy corridors.
Federal Officials Respond
The soaring prices have the attention of the U.S. Energy and Treasury Departments which started rolling out new efforts to address energy price increases. Secretary of State Marco Rubio said Monday, “We anticipated this could be an issue.” He did not reveal any details of the plan but said it was designed to “mitigate against” the impact on prices.
Fuel prices aren’t the only impact that Oklahoma could feel. Fertilizer prices could also soar, according to a report by Successful Farming. The publication quoted one analyst as saying the conflict “could be devastating” for global nitrogen and phosphate markets.
The combination of rising fuel costs and potential fertilizer price increases could have ripple effects across Oklahoma’s transportation, agriculture, and broader consumer economy in the weeks ahead.