The Week

The national average for a gallon of gas squeaked out a gain of a penny since last week to $3.08. A likely culprit could be wintery weather, which hampers refining operations and gasoline distribution. This has resulted in some frigid regions seeing pump price jumps. In Oklahoma, the gas average is $2.60 today, up two cents in the last week and 43 cents lower than one year ago. 

The nation’s top 10 least expensive markets: Oklahoma ($2.60), Kansas ($2.64), Arkansas ($2.64), Missouri ($2.66), Mississippi ($2.67), Texas ($2.68), Colorado ($2.70), Wyoming ($2.71), Tennessee ($2.71) and Iowa ($2.73).

Today’s national average of $3.08 is the same price as one month ago and 29 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand remains robust after it took a slight step back from 8.33 to 8.27 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 3.1 million bbl to 248.1 million bbl. Fluctuating oil prices, alongside robust demand, have pushed pump prices up, but price gains have been capped due to rising stock levels. 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)

 

1/19/24

Week Ago

Year Ago

National

$3.08

$3.07

$3.37

Oklahoma

$2.60

$2.58

$3.03

Oklahoma City

$2.63

$2.57

$3.02

Tulsa

$2.49

$2.53

$3.00

Lawton

$2.40

$2.43

$2.92

Crude Oil

$73.03 per barrel (1/19/24)

$74.22 per barrel (1/12/24

$81.27 per barrel (1/20/23)

 

At the close of Friday’s formal trading session, WTI settled at $73.03. Oil prices eased this week after the EIA reported that total domestic commercial crude stocks increased by 1.3 million bbl to 432.4 million bbl. Rising stocks signal that demand could be softening, helping to push prices down as the nation settles into winter.

The Weekend

“If June and July are when we typically see the highest gas prices, then December and January are when we see the lows. And this pattern is holding firm,” said Rylie Fletcher, spokesperson for AAA Oklahoma. “The national average for gas will probably maintain this slow shuffle higher for the next week or two.”

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

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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