The Week
The national average for a gallon of gas rose two cents to $3.53 from last week. The slight nudge higher came despite Hurricane Beryl smacking into the coast of Texas, a record number of July 4th car travelers, and oil costs hovering above $80 per barrel.
In Oklahoma, the gas average is $3.16 today, up 4 cents in the last week and one penny less than one year ago. Today’s national average of $3.53 is 12 cents less than a month ago and one penny less than a year ago.
The nation’s top 10 least expensive markets are Mississippi ($3.01), Arkansas ($3.07), Louisiana ($3.12), Tennessee ($3.12), Oklahoma ($3.16), Kansas ($3.16), Texas ($3.17), Missouri ($3.18), Alabama ($3.20), and Nebraska ($3.25).
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
7/12/24 |
Week Ago |
Year Ago |
|
|
National |
$3.53 |
$3.51 |
$3.54 |
|
Oklahoma |
$3.16 |
$3.12 |
$3.17 |
|
Oklahoma City |
$3.21 |
$3.17 |
$3.17 |
|
Tulsa |
$3.17 |
$3.07 |
$3.09 |
|
Lawton |
$3.11 |
$3.07 |
$3.01 |
|
Le Flore-Sequoyah |
$3.09 |
$3.07 |
$3.13 |
|
Crude Oil |
$82.24 per barrel (7/12/24) |
$83.16 per barrel (7/5/24) |
$73.86 per barrel (7/3/23) |
At the close of Wednesday’s formal trading session, WTI fell 92 cents to settle at $82.24 a barrel. The EIA reports that crude oil inventories decreased by 3.4 million barrels from the previous week. At 445.1 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 dipped from 9.42 million b/d to 9.39 last week. Meanwhile, total domestic gasoline stocks fell from 231.7 to 229.7 million barrels, while gasoline production increased last week, averaging 10.3 million barrels daily. Tepid gasoline demand and waffling oil costs may lead to some short-term stability in pump prices.
The Weekend
“The damage from Beryl caused limited damage to Gulf Coast energy facilities,” said Rylie Fletcher, AAA Oklahoma spokesperson. “And while a record 60 million travelers were forecast to hit the highways for the July 4th holiday, the overall demand number for gasoline dropped. That is a rare feat for a holiday week and may point to a change in demand trends.”
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.
Next Weekend Gas Watch: Friday, July 19, 2024