Drop in Pump Prices Accelerates as Summer Approaches

Saturday, 08 June 2024 08:52

Drop in Pump Prices Accelerates as Summer Approaches Featured

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The Week

Gasoline prices took another trip south this week, falling eight cents since last Thursday to $3.48. It marks the largest weekly drop of the year.

In Oklahoma, the gas average is $2.99 today, down 8 cents in the last week and 20 cents less expensive than one year ago. Today’s national average is $3.47, 17 cents less than a month ago and 8 cents less than a year ago.

The nation’s top 10 least expensive markets are Mississippi ($2.97), Arkansas ($2,99), Oklahoma ($2.99), Texas ($3.00), Kansas ($3.05), Louisiana ($3.05), Tennessee ($3.05), Missouri ($3.10), South Carolina ($3.12), and Alabama ($3.13).

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

6/7/24

Week Ago

Year Ago

National

$3.47

$3.55

$3.55

Oklahoma

$2.99

$3.07

$3.19

Oklahoma City

$2.98

$3.09

$3.23

Tulsa

$2.92

$3.01

$3.03

Lawton

$2.83

$2.93

$3.03

Crude Oil

$75.24 per barrel (6/7/24)

$76.99 per barrel (5/31/24)

$70.17 per barrel (6/9/23)

At the close of Wednesday’s formal trading session, WTI declined by $1.75 to settle at $75.24 a barrel. The EIA reports that crude oil inventories increased by 1.2 million barrels from the previous week. At 455.9 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 9.14 b/d to 8.94 last week. Meanwhile, total domestic gasoline stocks jumped from 228.8 to 230.9 million bbl. Tepid gasoline demand, increasing supply, and falling oil costs will likely lead to falling pump prices.

The Weekend

“This drop in pump prices appears to have some sticking power for now,” said Rylie Fletcher, AAA Oklahoma spokesperson. “More states should see their averages dip below $3 a gallon in the coming weeks.”

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.
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