Gas Prices Make a Pit Stop

Friday, 23 February 2024 21:48

Gas Prices Make a Pit Stop Featured

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The Week

After suddenly spiking more than a dime two weeks ago, the national average for a gallon of gas had a calm week by dropping two cents to $3.26.  News that the large BP-Whiting refinery in Indiana, offline since early February due to power issues, is reopening soon may have contributed to easing pump price nerves. The refinery processes nearly 440,000 barrels of crude daily, and the shutdown caused gasoline prices throughout the Midwest to rise.  

In Oklahoma, the gas average is $2.51 today, up 3 cents in the last week and 23 cents cheaper than one year ago. Today’s national average of $3.26 is 18 cents more than a month ago but 13 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand mostly remained flat at 8.2 million b/d last week. Total domestic gasoline stocks declined slightly by 300,000 bbl to 247 million bbl. Flat demand, amid falling supply, has helped to stabilize the national average this week.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

2/23/24

Week Ago

Year Ago

National

$3.26

$3.28

$3.39

Oklahoma

$2.84

$2.81

$3.07

Oklahoma City

$2.85

$2.79

$3.05

Tulsa

$2.75

$2.81

$2.96

Lawton

$2.76

$2.62

$2.88

Crude Oil

$76.49 per barrel (2/23/24)

$79.19 per barrel (2/16/24)

$76.32 per barrel (2/24/23)

 

Oil futures declined on Friday, with U.S. benchmark prices marking their lowest settlement in more than two weeks. At the close of Friday’s formal trading session, WTI decreased more than $2 to settle at 76.49.  Additionally, total domestic commercial crude stocks increased by 3.6 million bbl to 443 million bbl last week.

The Weekend

“Old man winter is shuffling toward the exit, and with milder weather and longer days looming, the seasonal rise in gas prices is primed to begin,” said Rylie Fletcher, spokesperson for AAA Oklahoma.  “But it will probably be a slow, wobbly start to rising prices.”

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

Next Weekend Gas Watch: Friday, March 1, 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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