The Week
After idling over the Labor Day weekend, the national average for a gallon of gas resumed its pace of daily declines by falling six cents since last week to $3.29. Key contributors are low gas demand and the plunging cost of oil, which is struggling to stay above $70 a barrel.
In Oklahoma, the gas average is $2.86 today, down 8 cents in the last week and 64 cents lower than one year ago. Today’s national average is $3.29, 17 cents less than a month ago and 51 cents less than a year ago.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
9/6/24 | Week Ago | Year Ago | |
National | $3.29 | $3.35 | $3.80 |
Oklahoma | $2.86 | $2.94 | $3.50 |
Oklahoma City | $2.87 | $3.01 | $3.50 |
Tulsa | $2.73 | $2.81 | $3.40 |
Lawton | $2.79 | $2.90 | $3.32 |
Crude Oil | $67.67 per barrel (9/6/24) | $75.91 per barrel (8/29/24) | $87.15 per barrel (9/8/23) |
At the close of Friday’s formal trading session, WTI fell sharply to settle at $67.67 a barrel, the lowest finish since June 12, 2023 and down 8% on the week. Demand slowdown and weaker-than-expected jobs data raised economic concerns.
According to new data from the Energy Information Administration (EIA), gas demand fell last week from 9.30 million barrels per day to 8.93. Meanwhile, total domestic gasoline stocks rose slightly from 218.4 to 219.2 million barrels, and gasoline production increased last week, averaging 9.7 million daily. Falling gasoline demand and oil costs will likely keep pump prices sliding.
The Weekend
“There are now ten states with gasoline averages below $3 a gallon, which means thousands of retail outlets east of the Rockies are selling gas at similarly low prices,” Rylie Fletcher, spokesperson for AAA Oklahoma. “With hurricane season remaining weak and disorganized, and winter-blend gasoline almost here this trend of falling pump prices will likely continue.”
AAA has a variety of resources to help motorists save on fuel:
- Fuel Price Finder (http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
- AAA Gas Cost Calculator (http://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses.
- TripTik Mobile (http://www.aaa.com/mobile) plots fuel prices along your travel route.
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.