The Week

Another week, another slide in gas prices as the national average for a gallon of gasoline dipped two cents since last Thursday to $3.46. The main reasons for the decline are lackluster gasoline demand and burgeoning supply.

In Oklahoma, the gas average is $3.01 today, up one cent in the last week and 19 cents less expensive than one year ago. Today’s national average is $3.46, 15 cents less than a month ago and 13 cents less than a year ago.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

6/14/24

Week Ago

Year Ago

National

$3.46

$3.48

$3.59

Oklahoma

$3.01

$3.00

$3.20

Oklahoma City

$3.03

$2.99

$3.22

Tulsa

$2.97

$2.93

$3.16

Lawton

$2.90

$2.83

$3.02

Crude Oil

$78.46 per barrel (6/14/24)

$75.53 per barrel (6/7/24)

$71.78 per barrel (6/16/23)

At the close of Friday’s formal trading session, WTI increased just over $3 on the week to settle at $78.46. The EIA reports that crude oil inventories increased by 3.7 million barrels from the previous week. At 459.7 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

According to new data from the Energy Information Administration (EIA), gas demand crept higher from 8.94 million b/d to 9.04 last week. Meanwhile, total domestic gasoline stocks jumped from 230.9 to 233.5 million barrels as production increased last week, averaging 10.1 million barrels per day. Mediocre gasoline demand, increasing supply, and stable oil costs will likely lead to falling pump prices.

The Weekend

“Gasoline demand has trailed 2023 for most of this year, and analysts believe economic uncertainty may suppress demand this summer,” said Rylie Fletcher, spokesperson for AAA Oklahoma. “So, is the typical robust summer driving season a thing of the past? Or is gas demand just taking longer to pick up steam?  We may not know until autumn.”

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

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.

Get Local News!

you might also like