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:
- 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.