The Week

The national average for a gallon of gas dipped a mere one cent since last week to $3.22. Gas prices had been falling by more than twice as much recently, but the arrival of Hurricane Francine to the Gulf Coast created some temporary issues for nearby oil production and refining. The national aver-age cost for public EV charging, however, held steady.

In Oklahoma, the gas average is $2.76 today, down 7 cents in the last week and 99 cents less than one year ago. Today’s national average is $3.22, 18 cents less than a month ago and 65 cents less than a year ago.

With an estimated 1.2 million AAA members living in households with one or more electric vehicles, AAA tracks the average kilowatt-per-hour cost for all levels of public charging by state. In Oklahoma, the average for a kilowatt of electricity at an L2 commercial charging station is 38 cents. The national average is 35 cents.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

9/20/24

Week Ago

Year Ago

National

$3.22

$3.23

$3.87

Oklahoma

$2.76

$2.83

$3.75

Oklahoma City

$2.72

$2.85

$3.77

Tulsa

$2.70

$2.78

$3.52

Lawton

$2.71

$2.80

$3.73

Crude Oil

$71.92 per barrel (9/20/24)

$68.65 per barrel (9/13/24)

$90.03 per barrel (9/22/23)

CURRENT EV COST AVERAGES

Per kWh of electricity at an L2 commercial charging station

 

9/19/24

Week Ago

National

$0.35

$0.35

Oklahoma

$0.38

$0.38

At the close of Friday’s formal trading session, WTI settled at $71.92 a barrel. The EIA reports that crude oil inventories decreased by 1.6 million barrels from the previous week. At 417.5 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 increased slightly last week from 8.47 million b/d to 8.77. Meanwhile, total domestic gasoline stocks remained flat at 221.6 million barrels, while gasoline production in-creased last week, averaging 9.7 million barrels per day. Lackluster gasoline demand and low oil costs will likely keep pump prices sliding.

The Weekend

“Gasoline prices have been plunging lately and it is not uncommon to see them take a bit of a breather during hurricane season,” said Rylie Fletcher, spokesperson for AAA Oklahoma. “Gasoline demand and oil costs are low, so pump prices may soon resume a slow descent. There are 14 states with averages below $3 a gallon, and several more may soon follow.”

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

Next Weekend Gas Watch: Friday, September 27, 2024

 

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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