The Week

The national average shook off nearly three weeks of stagnation, moving a nickel higher since last week to hit $3.50. The move came as the cost of oil crossed the $80 per barrel mark, putting upward pressure on pump prices. With oil costs accounting for about 54% of what you pay at the pump, more expensive oil usually leads to more expensive gas.

In Oklahoma, the gas average is $3.08 today, up 8 cents in the last week and 13 cents less expensive than one year ago. Today’s national average is $3.50, 8 cents less than a month ago and 5 cents less than a year ago.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

6/28/24

Week Ago

Year Ago

National

$3.50

$3.45

$3.55

Oklahoma

$3.08

$3.00

$3.21

Oklahoma City

$3.06

$2.99

$3.23

Tulsa

$3.15

$2.98

$3.17

Lawton

$2.95

$2.87

$3.00

Crude Oil

$81.54 per barrel (6/28/24)

$80.73 per barrel (6/21/24)

$70.64 per barrel (6/30/23)

At the close of Friday’s formal trading session, WTI rose seven cents to $81.54 a barrel. The EIA reports that crude oil inventories increased by 3.6 million barrels from the previous week. At 460.7 million barrels, U.S. crude oil inventories are just 2% below the five-year average for this time of year.

According to new data from the Energy Information Administration (EIA), gas demand fell 9.38 million b/d to 8.96 last week. This demand level is about 240,000 b/d below the same week of last year. Meanwhile, total domestic gasoline stocks rose from 231.2 to 233.9 million barrels. Low gasoline demand and increasing supply may help counter higher oil costs, slowing any rise in pump prices.

The Weekend

“Summer got off to a slow start last week with low gas demand,” said Rylie Fletcher, spokesperson for AAA Oklahoma. “But with a record 60 million travelers forecast to hit the road for the July 4th holiday, that number could pop over the next ten days.  But will oil stay above $80 a barrel, or will it sag again? Stay tuned.”

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

Next Weekend Gas Watch: Friday, July 5, 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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