Gas Prices End Up Close to Where They Started

Friday, 26 January 2024 16:41

Gas Prices End Up Close to Where They Started Featured

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The Week

After making a brief weekend trip to $3.07, the national average for gas edged higher by one penny since last week to $3.10. The meandering journey is likely caused by low gas demand countered by slightly higher costs for oil.  The result is a pump price stalemate. Today’s national average of $3.10 is two cents less than a month ago and 40 cents less than a year ago.

In Oklahoma, the gas average is $2.66 today, up six cents in the last week and 53 cents lower than one year ago.

According to new data from the Energy Information Administration (EIA), gas demand dipped from 8.27 to 7.89 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 4.9 million bbl to 253 million bbl. Due to fluctuating oil prices, lower gas demand, and rising stocks, pump price increases have been limited. If oil prices continue to see upward pressure, drivers could see pump prices increase steadily in the weeks ahead.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

1/26/24

Week Ago

Year Ago

National

$3.10

$3.08

$3.50

Oklahoma

$2.66

$2.60

$3.19

Oklahoma City

$2.72

$2.63

$3.18

Tulsa

$2.62

$2.49

$3.18

Lawton

$2.59

$2.40

$3.05

Le Flore-Sequoyah

$2.60

$2.59

$3.15

Crude Oil

$78.13 per barrel (1/26/24)

$73.41 per barrel (1/19/23)

$79.68 per barrel (1/27/23)

At the close of Wednesday’s formal trading session, WTI increased by $4.72 to settle at $78.13. Oil prices rose yesterday after the EIA reported that total domestic commercial crude stocks decreased significantly by 9.2 million bbl to 420.7 million bbl. The drop in total stocks signals that tight supply could increase prices if demand grows.

The Weekend

“Like watching dogs play chess, not much is happening,” said Rylie Fletcher, AAA Oklahoma spokesperson. “The national average for gas will likely maintain a glacial grind higher for the immediate future.”  

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

Next Weekend Gas Watch: Friday, February 2, 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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