Is the Recent Climb in the Price of Gas About to Stall?

Friday, 19 April 2024 22:22

Is the Recent Climb in the Price of Gas About to Stall? Featured

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The Week

Lackluster domestic demand for gasoline paired with decreasing oil prices led to the national average for a gallon of gas climbing just four cents to $3.67 since last week. With tensions running high over the past three weeks in the Middle East, the cost of oil reached the upper $80s per barrel. However, it has since fallen several dollars into the low $80s as the oil market watches to see if any further military actions occur.  

In Oklahoma, the gas average is $3.21 today, down 3 cents in the last week and 15 cents less expensive than one year ago. Today’s national average of $3.67 is up 4 cents in the last week and one cent cheaper than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.61 to 8.66 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 1.1 million bbl to 227.4 million bbl. Higher demand and a rise in oil prices could push pump prices higher.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

04/19/24

Week Ago

Year Ago

National

$3.67

$3.63

$3.68

Oklahoma

$3.21

$3.24

$3.36

Oklahoma City

$3.21

$3.28

$3.38

Tulsa

$3.24

$3.28

$3.30

Lawton

$3.10

$3.13

$3.20

Crude Oil

$83.14 per barrel (4/19/24)

$85.66 per barrel (4/12/24)

$77.87 per barrel (4/21/23)

At the close of Friday’s formal trading session, WTI decreased by 2.9% to settle at $83.14. Oil prices dipped as the EIA reported crude oil inventories increased by 2.7 million barrels from the previous week. At 460.0 million barrels, U.S. crude oil inventories are just 1% below the five-year average for this time of year.

The Weekend

“The situation overseas with war in both the Middle East and Ukraine has the oil market on edge,” said Rylie Fletcher, spokesperson for AAA Oklahoma. “But this is also the time of year we may see a bit of a lull in gasoline demand between the end of spring breaks and ahead of Memorial Day. So the national average for gas may waffle a bit with small increases, some flat days, and even some price dips.”     

AAA has a variety of resources to help motorists save on fuel:

Next Weekend Gas Watch: Friday, April 26, 2024

 

About AAA:
AAA provides automotive, travel, and insurance services to more than 64 million members nationwide and more than 400,000 members in Oklahoma.  AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years.  AAA is a non-stock, membership corporation working on behalf of motorists, who can map a route, find local gas prices and electric vehicle charging stations, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android.  For more information on joining or renewing a Membership, visit www.AAA.com.
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