Pump Prices Plunge, But Plug-In Prices Persist

The Week

Reaching a price point last seen on March 6, the national average for a gallon of gas fell six cents to $3.37 since last week. Mean-while, the national average for L2 commercial electricity has held steady for a month.

In Oklahoma, the gas average is $2.94 today, down 10 cents in the last week and 63 cents less expensive than one year ago. Today’s national average is $3.37, 13 cents less than a month ago and 47 cents less than a year ago.

The average for a kilowatt of electricity at an L2 commercial charging station is 39 cents in Oklahoma. The national average is 34 cents.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

	8/23/24	Week Ago	Year Ago
National	$3.37	$3.43	$3.84
Oklahoma	$2.94	$3.04	$3.57
Oklahoma City	$2.93	$3.09	$3.56
Tulsa	$2.77	$2.88	$3.54
Lawton	$2.92	$3.03	$3.38
Crude Oil	$74.83 per barrel (8/23/24)	$76.65 per barrel (8/16/24)	$79.83 per barrel (8/25/23)

 

 

 

 

 

 

 

 

CURRENT EV COST AVERAGES

Per kWh of electricity at an L2 commercial charging station

	8/22/24
National	$0.34
Oklahoma	$0.37

 

 

 

 

At the close of Friday’s formal trading session, WTI settled at 74.83 per barrel. The EIA reports that crude oil inventories decreased by 4.6 million barrels from the previous week. At 426.0 million barrels, U.S. crude oil inventories are about 5% be-low the five-year average for this time of year.

According to new data from the Energy Information Administration (EIA), gas demand crept higher last week from 9.04 million b/d to 9.19. Meanwhile, total domestic gasoline stocks fell from 222.2 to 220.6 million barrels, but gasoline production increased, aver-aging 9.8 million barrels daily. Mild gasoline demand, steady supply, and low oil costs may cause pump prices to slide further.